Bitcoin 'mega whales' send BTC price to $30K as volatility hits crypto
Bitcoin (BTC) returned above $30,000 on April 18 as volatility preceded the day’s Wall Street open.
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 $30,000 support looked set to remain as longer-term resistance.
The fact that #BTC went for another retest of the Higher High in a short space of time was a cause for concernUltimately, $BTC Daily Closed below Higher High & now may be turning it back into resistanceNeeds to Daily Close above the HH to regain bullishness#Crypto #Bitcoin https://t.co/zMNvuNjxRH pic.twitter.com/HbsJJ0xszL
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 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.
#FireCharts shows about $50M in #BTC bid liquidity laddered from the $29k-$28k range that aims to get filled. 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 pic.twitter.com/TvAtL3MU0i
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.
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