{"id":11422,"date":"2023-04-11T08:41:05","date_gmt":"2023-04-11T08:41:05","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=11422"},"modified":"2023-04-11T08:41:06","modified_gmt":"2023-04-11T08:41:06","slug":"bitcoin-price-faces-bearish-divergence-amid-22k-correction-target","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11422","title":{"rendered":"Bitcoin price faces &#8216;bearish divergence&#8217; amid $22K correction target"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) held $30,000 as support before the April 11 Wall Street open as fresh doubts emerged over the strength of the rally.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>BTC price finally tackles $30,000 resistance cloud<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it hit ten-month highs of $30,438 on Bitstamp.<\/p>\n<p>Almost one month in the making, the final surge to $30,000 delighted many traders who considered the move to be a matter of time.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin \/ $BTC<\/p>\n<p>What I&#8217;m watching now pic.twitter.com\/8bBheMvqT7<\/p>\n<p>\u2014 K A L E O (@CryptoKaleo) April 11, 2023<\/p>\n<p>Having uploaded a roadmap showing BTC\/USD continuing to gain, Crypto Kaleo argued that Bitcoin was still the best investment allocation for capital, rather than cash or altcoins, at current prices.<\/p>\n<p>\u201cBitcoin is breaking out, of course all of the USD charts are going to look decently bullish,\u201d part of the day\u2019s Twitter commentary stated. <\/p>\n<p>\u201cLook at the alt charts vs. BTC. I don&#8217;t see any that I like atm. Thus &#8211; while you might still be up in USD w\/ some alt positions, your capital is still best allocated stacking more Bitcoin.\u201d<\/p>\n<p><strong><em>Related:\u00a0Crypto audits and bug bounties are broken: Here\u2019s how to fix them<\/em><\/strong><\/p>\n<p>Daan Crypto Trades meanwhile gave more attention to altcoins, entertaining the idea that BTC\/USD may now consolidate.<\/p>\n<p>\u201cIt will be interesting to see what happens around here. I suspect we might see it cooling off a little which means ALT\/BTC pairs should gain some ground,\u201d he wrote in part of a reaction tweet.<\/p>\n<p>He added that Bitcoin market dominance may continue to increase if spot price gains remain brisk.<\/p>\n<p><em>BTC crypto market cap dominance annotated chart. Source: Daan Crypto Trades\/ Twitter<\/em><\/p>\n<h2>&#8220;Triple bearish divergence&#8221;<\/h2>\n<p>Despite regaining what had long been a mass resistance zone, Bitcoin did not fill everyone with inspiration with its assault.<\/p>\n<p><strong><em>Related:\u00a0CPI to spark dollar \u2018massacre\u2019 \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>With nearly $100 million in shorts liquidated on April 10 through Aprill 11, analytics resource Skew noted that there was \u201cair\u201d on the Binance order book below the $30,000 mark during the breakout.<\/p>\n<p lang=\"en\" dir=\"ltr\">$BTC Binance Spot <br \/>Close to $30K now, filling more limit sell orders. <br \/>Note the gap between large bids in the orderbook. <\/p>\n<p>Comments on chart below: pic.twitter.com\/LH20GiQIDM<\/p>\n<p>\u2014 Skew \u0394 (@52kskew) April 10, 2023<\/p>\n<p>Venturefounder, a contributor to on-chain analytics firm CryptoQuant, meanwhile warned of a \u201cbearish divergence\u201d between spot price and relative strength index (RSI) on the daily chart.<\/p>\n<p>\u201cLooking for a short term correction down to at least $25k sometimes soon, potentially down to $22k,\u201d part of a prediction revealed.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Venturefounder\/ Twitter<\/em><\/p>\n<p>Trader Cheds similarly eyed what he called a \u201ctriple bearish divergence\u201d with on-balance volume (OBV), considering a short position but being \u201cnot in one\u201d overnight. <\/p>\n<p>\u201cCongratulations to the bulls that were respectful and were calling for 30k,\u201d Il Capo of Crypto, the Twitter trader infamous for his bearish BTC price prognosis, added on the day. <\/p>\n<p>\u201cMy bearish scenario is NOT invalidated yet.\u201d<\/p>\n<p>Some were critical of the bearish divergence thesis, meanwhile, with popular trader Crypto Ed dismissing the idea on slightly longer 3-day timeframes.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Crypto Ed\/ Twitter<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-faces-bearish-divergence-amid-22k-correction-target\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) held $30,000 as support before the April 11 Wall Street open as fresh doubts emerged over the strength of the rally. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price finally tackles $30,000 resistance cloud Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it hit ten-month highs of $30,438 on Bitstamp. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11423,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11422"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11422\/revisions"}],"predecessor-version":[{"id":11424,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11422\/revisions\/11424"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11423"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}