Bitcoin faces a formidable trend line in $31,000, with United States equities providing a continued boost for BTC price upside.
Bitcoin (BTC) preserved new 10-month highs at the April 14 Wall Street open as analysts kept hoping for further gains.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
$31,000 revealed as make-or-break trend line
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating around $30,700 after spiking past the $31,000 mark.
The pair saw no major retracement as it headed further into grounds it originally lost in June 2022.
Now, market participants eyed the potential for bulls to capitalize on existing momentum with the help of positive macro trends.
United States equities opened higher, with the S&P 500 and Nasdaq Composite Index both up 0.3% at the time of writing.
“With stocks opening up hot, BTC was able to maintain above the previous range high,” popular trader and analyst Josh Rager told Twitter followers after the open.
“Think we can see a retest and push higher here above $31k+.”BTC/USD, S&P 500 charts. Source: Josh Rager/Twitter
Others also considered the possibility of BTC/USD hitting $32,000 or more in the short term before taking a more pronounced time out.
#BTC‘s recent breakout means that price is now entering the $28800-$33000 range (orange-blue)
It’s unclear whether $BTC needs to dip to solidify ~$28800 as support before jumping to $33000
But at the moment, more arguments for upside at this time#Crypto #Bitcoin https://t.co/85DjLHoZnD pic.twitter.com/Nx7bQx0OWa
— Rekt Capital (@rektcapital) April 13, 2023
“I believe the next stop is just a hair above $33,000, where we’ll encounter the 100 moving average, on the weekly time frame,” macro analyst Jesse Dow continued in part of Twitter analysis during the week.
“Don’t forget we have bullish divergence and convergence on the weekly. And this has NEVER failed after we’ve seen at least a 75% drop in Bitcoin’s price, from the previous cycle.”
Zooming out, the importance of the current range for spot price became all the more visible, with $31,000 acting as support through 2021 until the June 2022 breakdown.
Brandt stays long Bitcoin
As various popular figures called the start of an “altseason,” one staying firmly bullish on BTC was veteran trader Peter Brandt.
Related: What Bitcoin bear market? BTC price closely copying old halving cycles
In a tweet on April 13, Brandt revealed long positions on Bitcoin in addition to stocks in a further suggestion that the worst of the bear market was now over.
Heading to MN for the summer. Current Factor LLC positions with trailing stops
Long Nasdaq $NQ_F
Long Gold vs. YPY $GC_F $G6J_F
Long Bitcoin $BTC
Long Gold $GC_F
Long London Cocoa (not shown) $LCC_F pic.twitter.com/FH2o0LxZEz
— Peter Brandt (@PeterLBrandt) April 13, 2023
Previously, former BitMEX CEO Arthur Hayes had revealed a rethink on his own investment strategy, opting to increase crypto exposure.
“The ensuing Bitcoin rally will be one of the most hated ever,” he predicted in a blog post released last month.
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