Bitcoin price spikes above $31K as Ethereum gains spark ‘altseason’ calls

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Bitcoin (BTC) surpassed $31,000 on April 14th.

BTC/USD 1 hour candlestick chart (Bitstamp).Source: Trading View

Analysts Eye Possibility Below $30,000

Cointelegraph Markets Pro and TradingView Bitstamp’s BTC/USD hit a 10-month high of $31,035.

The pair edged higher the day before after a period of correction centered on new macroeconomic data prints from the US.

Both the consumer price index (CPI) and producer price inflation (PPI) prints showed inflation decelerating faster than expected, fueling a bullish risk asset narrative. .

Bitcoin didn’t react immediately, but the recent rally has bolstered market participants’ confidence in continued strength and a break from the long-term downtrend.

“Bitcoin looks strong, but there will be a shallow correction in the uptrend,” said Mikael van de Poppe, founder and CEO of trading firm Eight. forecast On that day.

“We marked $31.7-$32,000 as a key resistance point. But $25,000 was the level everyone wanted to buy. I want to focus on the dollar.”

BTC/USD annotated chart. Source: Michael van de Poppe/Twitter

Van de Poppe cites previous concerns over a large BTC/USD correction, with a nervous price target, including a 200-week moving average of around $25,500 and even $22,000. .

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Nevertheless, popular trader Crypto Tony advised to wait for potential long position entries until the new support level is confirmed.

“We are now over the $31,000 EQ and $32,300 range highs,” part of a Twitter analysis of the day. saidalong with a chart showing the potential highs, lows, and equilibrium (EQ) levels of the new range.

BTC/USD annotated chart. Source: Crypto Tony/ Twitter

“Alt season in progress”

However, it was an altcoin led by post-upgrade Shanghai Ethereum (ETH), also known as Shapella, that once again stole the show.

RELATED: ETH’s Post-Chappella Rise Destroys Bitcoin’s Dominance

After suggesting a $2,000 return the day before, ETH/USD reached $2,130, the highest level since May 2022.

ETH/USD 1-week candlestick chart (Bitstamp).Source: Trading View

Unsurprisingly, the reaction greatly complemented the strength of the crypto market as a whole.

“$BTC has bottomed out and the last 5th impulse has been confirmed (imo). Credible Crypto said. wrap upwith reference to recent theory YouTube videos.

“Coins like $ETH and various other coins have likely hit lows and started their journey to all-time highs.”

Credible Crypto Admits Bitcoin Is “Sit In The Driver’s Seat In The Medium Term”, Bitcoin Price Action Needs To Cool Down To Stimulate Rapid Altcoin Growth I acknowledged that

That said, references to the “Alt Season” of the day, such as former BitMEX CEO Arthur Hayes, were rife with emotion.

So does financial commentator Tedtalksmacro. Declared The altseason is “ongoing,” noting that the altcoin market cap has added $62 billion in two weeks.

Various other Referenced “mini altseason” and “altseason 2.0” argue that altcoin counterfeit profits should follow the initial surge led by Bitcoin.

The views, thoughts and opinions expressed herein are those of the author only and do not necessarily reflect or represent the views or opinions of Cointelegraph.