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Bitcoin (BTC) consolidated into the weekend as market participants stayed optimistic about further gains.

“Most still sitting on the sidelines” with Bitcoin

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $30,500 on April 15.

The pair had finished the Wall Street trading week on a less volatile note, along with fairly flat United States equities.

With the 10-month highs of $31,035 remaining in force, traders and analysts considered the options for how BTC price action could play out next.

“We’re going higher. Much higher,” Credible Crypto summarized, retweeting a chart of BTC/USD and funding rates from popular technical analyst Murfski.

Bitcoin (BTC) price rallied over 10% between April 9 and April 14, marking the highest daily close in more than ten months. While some analysts may argue the move justifies a degree of decoupling from traditional markets, both the S&P 500 and gold are near their highest levels in over six months.

Bitcoin price breaks $30,000 despite macro headwinds 

Bitcoin’s gains and rally above $30,000 also happened while the dollar strength index (DYX), which measures the U.S. currency against a basket of foreign exchanges, reached its lowest level in 12 months.

The indicator fell to 100.8 on April 14 from 104.7 one month prior as investors priced in higher odds of further liquidity injections by the Federal Reserve.

Related: Bitcoin price teases $30K breakdown ahead of US CPI, FOMC minutes

The latest Federal Reserve’s monetary policy meeting minutes, released on April 12, made explicit reference to the anticipation of a “mild recession” later in 2023 due to the banking crisis. Even if inflation is no longer a primary concern, the monetary authority has little room to raise interest rates further without escalating an economic crisis.

Bitcoin (BTC) and Ether (ETH) are trading above the psychologically important levels of $30,000 and $2,000 respectively. This suggests that the crypto winter may be on its last legs. 

Some analysts are calling for an altseason to begin but it may be too early for that. When most of the crypto bears turn bullish, Bitcoin is likely to turn down sharply and catch the late entrants off guard. That could hurt sentiment in the short term and cause a sell-off in altcoins. After the weak hands are shaken out, the crypto markets may stabilize and begin a sustained uptrend.

Data from on-chain intelligence platform Glassnode suggests that there are significant similarities between the current having cycle and the previous ones. However, Ecoinometrics warned that an economic recession could alter things. 

Let’s watch the charts of the top-10 cryptocurrencies to spot the important resistance levels that may start a pullback.

Bitcoin price analysis

The bears tried to stall the up-move on April 12 but the bulls did not give up. They resumed their purchase on April 13 and cleared the hurdle at $30,550 on April 14.