Bitcoin spikes above $29K as ‘fakeout’ fuels BTC price stren | Global CRYPTO News
Bitcoin spikes above $29K as ‘fakeout’ fuels BTC price strength doubts
BTC price action snatches at $30,000, but Bitcoin market participants dismiss it as a “deviation” at range highs.
Bitcoin set new nine-month highs overnight on March 30 as traders continued to stay cautious.
“Deviation” takes BTC’s price closer to $30,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $29,170 on Bitstamp.
A rejection entered almost immediately, sending the pair back to its starting point and causing already suspicious market participants to call a “fakeout.”
“Nothing has changed- yea we got a nice little pop above the highs but this was expected,” popular trader Credible Crypto wrote in part of a Twitter reaction, calling the move a “deviation.”
Fellow trader Crypto Chase likewise applied the “deviation” tag, calling for $29,000 to hold in order to consider long positions.
A slightly more optimistic Crypto Tony nonetheless hoped that the short-term range high could still be flipped to new support.
“Bear markets naturally have a lot more FUD and Bitcoin has certainly taken a big load of it over the last year or so. But still we are holding nicely and going for $30,000. I am excited for the bull run to come, whether it’s tomorrow or next year,” he added.
