Bitcoin spikes above $29K as 'fakeout' fuels BTC price strength doubts
Bitcoin (BTC) set new nine-month highs overnight on March 30 as traders continued to stay cautious.
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.”
#Bitcoin - What a lovely fakeout. This is why you don't chase green candles pic.twitter.com/oJzrMoRi20
“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.
$BTCSo far, deviation of daily resistance. Bulls want to see gray box hold on LTF. Below there and the likelihood of this move being a stop run/deviation makes more sense to me.Reclaim 29K and I look for scalp longs. Lose gray box and I look for scalp shorts. Chop in between. pic.twitter.com/B093Q4E3xL
Related: US enforcement agencies are turning up the heat on crypto-related crime
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.
Analyzing the situation on derivatives exchanges, trading suite Decentrader meanwhile noted that shorts currently had the upper hand.
Related: Bitcoin price will hit this key level before $30K, survey
Read more on cointelegraph.com
