Bitcoin double top 'invalidated' amid fear CPI may fuel macro comedown
Feelings over BTC price action diverge across short and long timeframes as the upcoming CPI and PPI prints unsettle the mood. Bitcoin (BTC) got busy testing $30,000 as new support at the April 11 Wall Street open after hitting new ten-month highs. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $30,000 surge decimates liquidity Data from Cointelegraph Markets Pro and TradingView showed BTC/USD coming down from an overnight peak near $30,500. The pair had spent most of the day bouncing from the $30,000 mark after finally passing it in a short squeeze weeks in the making. Major misgivings from some market participants accompanied the move, with fears centering on a potential correction to $25,000 or even lower. Takes became more optimistic on longer timeframes, however. The $30,000 push, for instance, cemented popular trader and analyst Rekt Capital’s conviction that Bitcoin had abandoned a bearish double top formation from Q1. “The signs for distortion of the BTC Double Top...