Cryptocurrencies have basked in glory during the months of March and April, and it seems like the growth of major cryptocurrencies is not slowing down. Bitcoin (BTC) has hit $30k for the first time since June 2022, and has set a new high for 2023.

At the time of writing, 1 BTC is worth $30,141 according to CoinMarketCap data.

The Crypto Fear & Greed Index powered by Alternative.me is comfortably in the Greed realm with a score of 68 out of a potential 100, and that score hasn’t been recorded since March 21st of 2023, and November of 2021 before that.

Sentiments and emotions of crypto market players seem very bright, and some analysts believe that the Consumer Price Index (CPI) report from the United States on April 12th will set the tone for the Federal Reserve in its fight against inflation, and that will likely play a part in forming the next trend for Bitcoin.

Other market participants have highlighted daunting scenarios for short-term traders. Venturefounder, a contributor to on-chain analytics firm CryptoQuant, has waved warning flags over a potential “bearish divergence” between the spot price and relative strength (RSI) which may occur, when investigating the BTC price movements on a daily timeframe. According to Venturefounder’s findings, the largest crypto by market cap may consolidate by $25k or potentially to $22k before it begins to rally once more.

Sources:

https://cointelegraph.com/news/bitcoin-price-faces-bearish-divergence-amid-22k-correction-target

https://cointelegraph.com/news/bitcoin-hits-30k-to-mark-highest-price-since-june-2022

https://alternative.me/crypto/fear-and-greed-index/

https://coinmarketcap.com/currencies/bitcoin/

https://twitter.com/venturefounder/status/1645559369549983744/photo/1