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(Kitco News) – The cryptocurrency market largely recovered from Monday’s dip in trading on Tuesday as Bitcoin (BTC) climbed back above the psychologically important $30,000 support level while Ether (ETH) continues to hold above $2,050.
U.S. equities traded mixed after several representatives from the Federal Reserve indicated that another interest rate hike would be needed in the near future. At the close of markets, the S&P managed to squeeze out a fractional gain of 0.09% while the Dow and Nasdaq finished slightly in the red, down 0.03% and 0.04%, respectively.
Data from TradingView shows that an early morning attempt by Bitcoin bears to hammer its price below $29,000 was staunchly defended by bulls, who reversed course near $29,200 and proceeded to push the top crypto to a daily high of $30,593 in the afternoon before settling near support at $30,400.
BTC/USD 4-hour chart. Source: TradingView
April Bitcoin futures prices “hit a contract high on Sunday and have since seen some normal chart consolidation,” according to Kitco senior technical analyst Jim Wyckoff, who noted that futures prices were higher in early U.S. trading on Tuesday.
“A price uptrend on the daily bar chart remains firmly in place,” Wyckoff added. “There are no strong, early chart clues to suggest a market top is close at hand. The bulls have the solid overall near-term technical advantage to suggest still more upside in the near term.”
While many crypto traders rejoiced at the quick recovery for BTC, crypto market analyst Rekt Capital warned that Bitcoin is not completely out of the woods yet and needs “a daily close above the higher high.”
BTC/USD 1-day chart. Source: Twitter
“BTC has reached the underside of the higher high. Really important for BTC to reclaim this higher high as support,” Rekt Capital wrote. “Otherwise, this may just be a relief rally to confirm a recently lost support back into resistance. BTC needs a daily close above the higher high.”
But according to market analyst Michaël van de Poppe, so far, Bitcoin has been following the plan. “Sweep of the low, no dip to $28.6k, but a shallow one to $29.3k. Expecting a consolidation from here, and since the low has been touched, altcoins continue to fire off.”
Poppe posted a follow-up tweet noting that it’s important for BTC to hold above $29,500 if bulls hope to make a run at $31,000 in the near future.
Scenario on #Bitcoin is still following through.
Preferably above $29.5K you’d like to see #Bitcoin hold and then test range high at $31K again. pic.twitter.com/ttz5mnYZ4a
— Michaël van de Poppe (@CryptoMichNL) April 18, 2023
And for Rich Dad, Poor Dad author Robert Kiyosaki, the price performance of BTC so far in 2023 is all the justification he needs to continue to buy the top crypto amid the recent moves by the Federal Reserve, Treasury Department and the Biden Administration.
Bitcoin up over 100% in a year. Will Bitcoin keep going UP? I’m betting on it. I am buying more gold and silver. Why buy more Gold, Silver, BC? Because Fed, Treasury, and Biden are liars. .
— Robert Kiyosaki (@theRealKiyosaki) April 18, 2023
Uptrend for the altcoin market
The broader altcoin market continued to trend higher on Tuesday, with some new names leading the top daily performers while some of the recent runners saw their prices take a hit due to profit-taking.
Daily cryptocurrency market performance. Source: Coin360
Cartesi (CTSI) led the field with a gain of 38.69% to trade at $0.326, followed by a 9.92% gain for Gala (GALA) and a 8.84% increase for Casper (CSPR).
The overall cryptocurrency market cap now stands at $1.27 trillion, and Bitcoin’s dominance rate is 46%.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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