Bitcoin double top 'invalidated' amid fear CPI may fuel macro comedown
Bitcoin (BTC) got busy testing $30,000 as new support at the April 11 Wall Street open after hitting new ten-month highs.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD coming down from an overnight peak near $30,500.
The pair had spent most of the day bouncing from the $30,000 mark after finally passing it in a short squeeze weeks in the making.
Major misgivings from some market participants accompanied the move, with fears centering on a potential correction to $25,000 or even lower.
Takes became more optimistic on longer timeframes, however. The $30,000 push, for instance, cemented popular trader and analyst Rekt Capital’s conviction that Bitcoin had abandoned a bearish double top formation from Q1.
“The signs for distortion of the BTC Double Top were there,” he wrote in a Twitter thread update.
Continuing, Rekt Capital spelled out the conditions required to be met on daily timeframes to continue the bullish momentum.
For #BTC to continue being bullish beyond this point, price needs to:• Daily Candle Close above the Higher High (black)• Dip to turn it into new support$BTC is well-positioned for a Daily Close above the Higher High at this time#Crypto #Bitcoin pic.twitter.com/gm9g9EQyP2
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Analyzing the composition of the Binance order book on the day, meanwhile, monitoring resource Material Indicators suggested that the odds of continued upside remained good.
“After the push above $30k, BTC liquidity is diffused in both directions,” it explained in part of commentary.
The general mood was mixed with apprehension thanks to macro catalysts waiting in the wings for the rest of the week.
Related: Bitcoin ‘faces headwinds’ as US money
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