Bitcoin price bounces after CZ arrest rumors as traders eye $30K next
Bitcoin (BTC) hit new month-to-date lows overnight into April 4 as fresh rumors over biggest exchange Binance spooked fragile markets.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $27,240 on Bitstamp.
Its lowest since March 28, the performance followed an outbreak of claims that Binance CEO Changpeng Zhao (also known as CZ), already under investigation by United States regulators, was now wanted by Interpol.
Their origin, an accidental leak of an encrypted tweet by private Twitter account @Cobie, subsequently appeared to lack evidence, and markets rebounded.
Now trading above $28,000 at the time of writing, Bitcoin was exhibiting “classic” behavior, according to Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight.
“Classic sweep of Bitcoin,” he summarized.
Van de Poppe additionally referenced the macroeconomic climate, specifically a potential end to interest rate hikes by the U.S. Federal Reserve.
“Trend remains to be upwards, as we’re in a vacuum of ‘relief’ as the hiking process comes to an end,” he continued.
A subsequent tweet declared the local lows “swept” by BTC/USD, with $30,000 as a target.
The low has swept on #Bitcoin.Grinding back upwards, as long as $27,900 holds, I'll be expecting continuation towards range high and potentially $30K. pic.twitter.com/dY89M95LLF
Such optimism was shared elsewhere, including by trading resource Stockmoney Lizards, which joined calls for $30,000 to hit after a “short correction.”
#BitcoinShort correction, then 30k pic.twitter.com/vWf6PqHZie
Related: US enforcement agencies are turning up the heat on crypto-related crime
Eyeing the equilibrium (EQ) level of the current range at $27,700, fellow trader Crypto Tony also
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