Bitcoin has taken a bullish momentum after it surpassed the $30500 resistance earlier in the week. Despite the initial retracement, the cryptocurrency’s price has rebounded and is currently surpassing the psychological price barrier. Price indicators suggest the bullish momentum will likely continue above the $31,000 high. However, do we expect a pullback to $27,900 today?

Bitcoin (BTC) continues to make waves as it outperforms the global market with its latest price surge. The cryptocurrency gradually declined after a peak of $30,500 experiencing a price drop. However, it reached a low of $29,800 before returning, surpassing $30,200.

The day before, Bitcoin was exchanging hands for $30140. However, at the time of writing, the price of BTC has surpassed the $30,500 resistance to trade at $30,823.92, with a 24-hour trading volume of $18,996,527,721. This marks a 2.41% increase in price in the last 24 hours and an impressive 9.96% increase in the past 7 days.

Moreover, Bitcoin’s market cap currently sits at $596,312,894,096, thanks to its circulating supply of 19 million BTC. And with a price increase of 10.00% in the last 7 days, Bitcoin has managed to outperform the global cryptocurrency market, which has seen an 8.90% increase in the same time.

This latest surge in Bitcoin’s price further cements its position as a dominant player in the cryptocurrency world. It will be interesting to see how its value continues to evolve in the coming weeks and months.

High Potential for BTC Price Surge Shown by Bitcoin Network

According to an expert, the recent emergence of around 512,000 new Bitcoin wallets on the network suggests a higher user adoption of BTC and a potential price increase. This is due to the higher demand for the flagship cryptocurrency, which often increases its value.

#Bitcoin network continues growing, hitting a higher high of 512K new addresses. Rising user adoption in a #crypto like #BTC typically signals potential price increases.

In essence, more wallets = high demand = heightened price potential! 🚀 pic.twitter.com/fFuMHvockr

— Ali (@ali_charts) April 11, 2023

According to Martinez, this growth in the number of wallets indicates a greater adoption of BTC among users, which could lead to a surge in its price. He believes that the increased demand for Bitcoin resulting from this adoption will likely drive up its price, as demand and price are directly proportional.

Furthermore, on April 12, a significant sell-off of Bitcoin occurred shortly after the cryptocurrency’s value crossed the $30,000 threshold. The sell-off was allegedly initiated by a whale, whose buying and selling activities were tracked by lookonchain, a “Smart Money” tracker, on Twitter. 

A smart whale transferred 11K $BTC ($330M) to #Bitfinex 1 hr ago.

The whale received 46,542 $BTC ($935M ) from #Bitfinex at an average price of $20,083.

Then transferred 36.5K ($1B) to #Bitfinex at a price of $28,039.

Currently holds 10,042 $BTC ($304M ), the profit is $390M. pic.twitter.com/0b5AFFwr3f

— Lookonchain (@lookonchain) April 12, 2023

According to the tracker, the whale had acquired a massive amount of 46,542 BTC on Bitfinex for nearly $1 billion at an average price of $20,083 before selling 36,500 BTC from the same stash on the exchange at $28,039.

In a surprising move, the whale sent 11,000 BTC to Bitfinex just an hour before the tracker’s tweet was posted, which was sold for a staggering $330 million. The timing of the sale coincided with Bitcoin’s price reaching its highest point in 10 months, fueled by the news of the CPI value dropping to 5% compared to the 5.2% predicted by analysts.

BTC/USDT Price Analysis on Daily Chart

Bitcoin’s price could surpass the upper boundary of its trading channel and reach a resistance level of $31,000. According to the daily chart above, the BTC price is nearing the resistance zone at $32,000. However, the double-top trading pattern formed at the resistance zone could force the price of BTC to fall to its previous support level as the resistance remains strong.

This means that a movement towards the channel’s lower boundary may cause Bitcoin to touch support levels at $29,000 and $27,000. Additionally, the Relative Strength Index (14) is expected to enter the overbought region, potentially driving Bitcoin’s price up to $38,000 and $40,000 resistance levels from these support levels.

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• Source: https://insidebitcoins.com/news/bitcoin-price-climbs-to-30300-pullback-to-27900-today