Bitcoin ‘mega whales’ send BTC price to $30K as volatility hits crypto

Bitcoin ‘mega whales’ send BTC price to $30K as volatility hits crypto

Market Analysis
April 18, 2023 by secret
55
Bitcoin (BTC) returned above $30,000 on April 18 as volatility preceded the day’s Wall Street open. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin erases intraday losses Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as the pair suddenly added $500, delivering daily gains of more than 3%. The pair had previously worried traders,
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Bitcoin (BTC) returned above $30,000 on April 18 as volatility preceded the day’s Wall Street open.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin erases intraday losses

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as the pair suddenly added $500, delivering daily gains of more than 3%.

The pair had previously worried traders, who watched as the $30,000 support looked set to remain as longer-term resistance.

Before crossing the $30,000 mark, Binance order book activity was a focus for monitoring resource Material Indicators, which identified bid liquidity moving closer to spot price.

“Some has already started moving closer to the active trading zone. Watching to see if more of it follows or if price drops back into the $28s to fill,” part of the accompanying commentary read.

A subsequent update indicated that the largest class of high-volume traders, so-called “mega whales,” was responsible for the upward momentum.

Reacting to the latest BTC price action, Michaël van de Poppe, founder and CEO of trading firm Eight, was optimistic.

“There we go for Bitcoin. Breaks through $30K, which means that we’re back in the range,” he tweeted alongside a chart showing key levels.

“Most preferred a retest at $29.7K would suit continuation towards new highs and towards $40K.”

BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter

Further volatility was meanwhile a possibility on lower timeframes ahead of the Wall Street open.

Those banking on further downside were already feeling the pressure, with data from Coinglass showing $16 million of BTC short liquidations on the day.

Bitcoin liquidations chart. Source: Coinglass

Ethereum leads altcoin rebound

Altcoins also felt the benefit of the sudden Bitcoin turnaround, with Ether (ETH) up 2% on the day.

Related: BTC price heading under $30K? 5 things to know in Bitcoin this week

The largest altcoin by market cap headed back toward the top of its intraday trading range, having successfully preserved $2,000 as support. 

The bulls’ target to break remained at $2,140 from April 16, which represents ETH’s highest level since May 2022. 

Ether’s 15% gains versus Bitcoin since the Shapella upgrade have also not gone unnoticed. 

ETH/USD 1-week candle chart (Bitstamp). Source: TradingView

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