$31,000 Trend Line Crucial for BTC Price
Bitcoin (BTC) is facing a significant trend line at $31,000, with U.S. equities providing a continuous boost for its price upside. BTC maintained new 10-month highs as of April 14, with analysts remaining optimistic for further gains. Data from Cointelegraph Markets Pro and TradingView revealed BTC/USD consolidating around $30,700 after briefly surpassing $31,000.
BTC/USD Retracement Stalls
There was no significant retracement as BTC/USD continued to explore the territory it initially lost in June 2022. Market participants are now eyeing the potential for bulls to capitalize on existing momentum aided by positive macro trends. U.S. equities opened higher, with the S&P 500 and Nasdaq Composite Index up by 0.3% at the time of writing.
Traders and Analysts Expect Short-term Gains
Popular trader and analyst Josh Rager commented on Twitter that BTC could retest and push higher above $31,000. Other market watchers also discussed the possibility of BTC/USD reaching $32,000 or more in the short term before taking a more pronounced break. Macro analyst Jesse Dow tweeted that the next stop could be slightly above $33,000, where the 100-week moving average is expected to be encountered.
Importance of Current Range for Spot Price
The current range's importance for the spot price becomes more evident when considering that $31,000 acted as support through 2021 until the June 2022 breakdown. As some prominent figures called for the beginning of an "altseason," veteran trader Peter Brandt remained firmly bullish on BTC, revealing long positions on Bitcoin and stocks in a tweet on April 13.
Former BitMEX CEO Increases Crypto Exposure
Former BitMEX CEO Arthur Hayes recently disclosed a change in his investment strategy, opting to increase his crypto exposure. In a blog post released last month, Hayes predicted that the upcoming Bitcoin rally would be "one of the most hated ever."