Bulls and Bears Fight Over $30,000

The major resistance line of $30,000 has seen bears slightly gain the upper hand recently after bulls just about touched it.

Yet now we’re back to where we were when this line was first approached on March 20th, at about $28,000.

Since then, bitcoin has moved up a bit and down a bit, but almost exclusively between $28,000 and $30,000. Making this one of the big sideways, ongoing for eight weeks now.

This sideway coincides with a doubling from the bottom in November, and is roughly at the inflation adjusted level of the all time high in 2017.

It was strong support on the way down, with bitcoin taking about two months to break it in June last year, and for many investors the price point here is a return to normal.

So bears are shouting $25,000, bulls want $50,000, while bitcoin is kind of not caring even as the $200 billion First Republic Bank went under last week.

Even a temporary suspension of withdrawals at Binance couldn’t move bitcoin much, while bull news from Liechtenstein is just meh for the market.

The principality’s Prime Minister Daniel Risch stated not only that they might accept bitcoin payments for government services, but he is also “open to government crypto investments,” according to the German financial paper Handelsblatt.

The tiny rich country might have moved bitcoin during bull, but in resistance sideways, crypto frogs congesting the network are the talk even while in ethereum devs work to launch a testnet smart contract to EVM the CairoVM.

That’s by Kakarot, which had its almost undecipherable statement explained by actual devs that clarified they’re launching a proxy contract to make Starknet – the second layer coded in the Cairo programming language – work with Solidity without any modifications.

That sort of hardwork on the pipelines is absent in bitcoin, where high fees have been the untackled norm for five years, and yet continues to slightly move markets as competing base layers, like Binance Chain, keep up the pressure.

Though with some nostalgia, somewhat similar to Everledger, if anyone remembers that. This was meant to keep providence of diamonds on the blockchain, but ended up filing for bankruptcy according to AFR.

That long bear in blockchain is developing far less noticeably where the new technology actually adds value, like data tampering protection which is valuable in high security environments.

For use cases where physical input is required on the other hand, it has struggled in part because some of those use cases need data mutability, rather than immutability.

This isn’t quite something Brian Armstrong will be talking about in the United Arab Emirates however where he is to keynote the Dubai Fintech Summit.

Coinbase’s CEO instead is meeting with policymakers, regulators, partners, web3/crypto founders, and clients as he looks to work with Abu Dhabi Global Market (ADGM) regulators to further expand the licensing and availability for Coinbase International Exchange.

That means US regulators are and will, in the end, be making laws only about the US, not the world as some of them delude themself in thinking, and the world has about 3x the market cap of US.

Making this a big small move as the crypto space won’t be held back by some former Goldman Sachs employee.

But where the market is concerned, neither bulls nor bears care about this one either, though that might be temporary as pressure is kept only so much during a sideways before it adds acceleration when a direction is decided.

Not to mention the biggest bull of them all: Bitcoin Miami. That’s next week with 15,000 attendees, some mini presidential candidates like Robert Kennedy, and some governor of Java.

Just what conference it will be however remains to be seen as it is not a bull market, but a picture is perhaps developing whereby while emotionally we are still in the grips of bear, rationally there appears to be some muted excitment.

Which is another factor that makes this $30k line big resistance. On the other side of it, bitcoin is not dead anymore, at least for those paying attention. At this side of it, bitcoin is still in the full grip of bear.

For some, the bear will keep on until all time high and maybe even a bit beyond, and for some others that by luck came at the bottom, this is bull party.

Yet where the market as a whole is concerned the mood may well be don’t rock the boat, especially you CZ. Nice and quiet. Kind of down, kind of up, but hopefully sort of slow up-ish.

Because we are at 2017 levels in inflation adjusted terms and since then this space is far bigger, so something at some point has to give.

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• Source: https://www.trustnodes.com/2023/05/08/bulls-and-bears-fight-over-30000