Key Takeaways
Bitcoin breaks $30k for the first time since June 2022, but thin order book makes defining support and resistance levels challenging.
Alts tend to move once bitcoin ranges, and liquidity flow from bitcoin to alts is yet to be seen.
Caution is advised due to low volume and thin order books, making aggressive moves likely.
It’s hard not to start with this visual given that bitcoin is above $30k for the first time since June 2022. Momentum looks stronger (overextended bullish RSI) despite the recent consolidation.
The order book is still thin, so defining clear support and resistance levels is challenging. The best-case scenario is to consolidate above $30k and forge a new support level. This applies to alts as well.
Needless to say, the run-up to $30k was strong. Futures and options open interest increased, suggesting that new long positions came to play. Open interest-backed moves are always noteworthy.
Anything can happen -
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