$30k... Not Too Greedy, Not Too Shabby

Crypto Compass 9

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 -