Little has changed for the cryptocurrency market over the past 24 hours as prices largely continue to consolidate following the hot start to 2023 that has seen Bitcoin (BTC) gain more than 71% while the total cryptocurrency market cap has increased by 53.6%.
While cryptos managed to hold their ground, stocks slid lower as new jobs data indicates that the labor market is cooling while businesses pulled back in their factory orders. At the close of markets, the S&P, Dow and Nasdaq all finished in the red, down 0.58%, 0.59%, and 0.52%, respectively.
Data from TradingView shows that Bitcoin bulls managed to recover from a late plunge below $27,500 on Monday evening to elevate the top crypto to a high of $28,518 on Tuesday afternoon before profit-taking led to a pullback to support at $28,300.
Despite the overnight dip, April Bitcoin futures prices traded higher on Tuesday, according to Kitco senior technical analyst Jim Wyckoff. Wyckoff noted that, “The market is pausing after hitting a contract high last week,” but added that, “This pause is not bearish.”
“BC bulls still have the firm overall near-term technical advantage,” Wyckoff said. “The price uptrend on the daily bar chart has also paused but remains in place.”
As for what level BTC needs to clear in order for it to move higher, market analyst Michaël van de Poppe highlighted $28,400 as the launching point for a run to $30,000.
Insight into what to look forward to once $32,000 has been breached was provided by technical analyst Mags, who highlighted the potential for a run to $43,500 and then $60,400
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