Key Insights:

• Bitcoin whales have accumulated 64,094 coins as prices waver, signaling bullish sentiment in the market.
• The BTC price is struggling to overcome bearish sentiment, with the possibility of falling toward the $28,000 support level.
• Technical indicators suggest the market may be in an uptrend and ready for a rebound, with traders watching the resistance at $30k and support at $28k.

Today, Santiment, a well-known supplier of cryptocurrency market information and analysis, reported that Bitcoin whales had resumed their accumulation plan after taking profits above $30,000 on April 11th. Santiment claims that addresses holding 100 to 10,000 BTC have purchased 64,094 coins since that time, even with the recent price variations and minor drops. Meanwhile, the bears have taken control of the market in the last 24 hours, driving the BTC price from $29,526.98 to a low of $28,929.61.

? #Bitcoin whales have quietly accumulated again since profit taking above $30k on April 11th. Since this date, as prices wavered and dipped down slightly, addresses holding 100 to 10,000 $BTC have collectively added 64,094 coins back to their bags. ?https://t.co/Lx3msF58Wo pic.twitter.com/zUQC4BaW6F

— Santiment (@santimentfeed) April 29, 2023

At press time, BTC was priced at $29,309.02, showing that bearish sentiment is still strong in the market, but bulls are striving to force the price back up. If bullish momentum resumes and the $29,526.98 high is broken, the next psychological hurdle for traders and investors alike would be over $30,000. 

Despite the market capitalization increasing, the trading volume decreased, with a 0.32% rise in BTC’s market capitalization to $567,664,648,520 and a 33.43% decrease in trading volume to $15,142,478,393. If the negative sentiment persists, the price may drop below the support level of $28,000.

BTC/USD 24-hour price chart (source: CoinMarketCap) 

On the BTCUSD price chart, the Keltner Channel bands converge, with the top band at $29808.93, the middle band at $29298.41, and the bottom band at $28787.86. Despite this convergence, price activity is above the middle band, indicating that the market is in an uptrend and will most likely continue to increase. Traders may search for buying opportunities if the price exceeds the middle band.

The Money Flow Index rating of 42.67 suggests that the market is seeing moderate purchase pressure, which might support future price gains. 

When the MFI exceeds 50, it indicates increased purchasing pressure and a larger price increase. However, if it remains below 50, the recovery may be sluggish, and the price may fall further, indicating increased selling pressure. 

BTC/USD chart (source: TradingView)

On the 2-hour BTC price chart, the William Alligator advances upstream with an open mouth, indicating that negative momentum may end and a bullish trend may begin. This trend is seen by the green (lips), red (teeth), and blue (jaw) lines contracting at $29361.06, $29345.38, and $29255.49, respectively. 

The places where these lines intersect indicate a likely market trend reversal, indicating a potential shift in investor sentiment and a favorable opportunity for traders to enter positions. Price movement above the mouth suggests that the market is picking up speed and buyers are taking control, which might lead to a good trend. 

With a stochastic RSI of 40.35 and a northward trend, BTC’s price recovery is anticipated to continue shortly. The stochastic RSI indicates that BTC is oversold and poised for a comeback, which might attract further buyers and increase prices.

BTC/USD chart (source: TradingView)

Conclusion

Bitcoin whales are buying the drop, but bears are winning. Traders should watch the resistance above $30k and the support at $28k.