> ## Content Index > Fetch the complete content index at: https://www.metatalks.ai/llms.txt > Use this file to discover other available public pages before exploring further. # BTC Double Top is Over - URL: https://www.metatalks.ai/btc-double-top-is-over/ - Published: 2023-04-12T21:00:00.000Z - Updated: 2023-04-12T21:00:00.000Z - Author: Katelyn Chow - Tags: bitcoin, #helen, bullrun Bitcoin price is hovering around $30,000, and for many, it feels like the bear market is over and that the Federal Reserve could be nearing the end of its interest rate hike policy. New monthly CPI data is coming in today, Wednesday, April 12th. It's the most important event of the week and has the potential to be defining in the much longer term. ![](https://lh3.googleusercontent.com/9vvOW_BmzVR2HkLz7B5f8T49cOMqqItasdg-EBXNvGKFgKGqZFJXRgc0p1t68FmnBCWcxoj6OexMMs-KJQsgZJkK6UwD1oLYyDhY8yHYsab_4Mp0OFagX4qFHZoR3H5e5FAMWUE_YywJb4OzRWf1jXQ) Some pro traders [are skeptical](https://cointelegraph.com/news/bitcoin-holds-30k-but-some-pro-traders-are-skeptical-about-btc-price-continuation?ref=metatalks.ai) about BTC price continuation because of obvious macro headwinds, [mostly regulatory](https://www.metatalks.ai/cftcs-lawsuit-against-binance-may-be-a-big-deal-but-crypto-market-as-a-whole-looks-like-just-consolidating/), still in place. But from another perspective, it can also look like quite the opposite: > US regulators down on crypto, bitcoin doesn't care. > > — Tyler Winklevoss (@tyler) [April 11, 2023](https://twitter.com/tyler/status/1645815213025902594?ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) > Performance this year: > > Bitcoin: +82% > Tesla: +53% > Apple: +24% > Google: +19% > Amazon: +18% > Microsoft: +17% > Disney: +16% > Netflix: +15% > Ford: +11% > Gold: +10% > Visa: +9% > McDonald’s: +8% > AT&T: +8% > Starbucks: +7% > Walmart: +6% > Nike: +5% > Citigroup: +4% > Berkshire Hathaway: +2% > Oil: +1% > > — Jon Erlichman (@JonErlichman) [April 11, 2023](https://twitter.com/JonErlichman/status/1645817647194337281?ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) > GM Crypto Twitter > > 🔸 De-dollarization happening > 🔸 Banks looking fragile or collapsing > 🔸 Money printers on overtime & continued inflation > 🔸 Stablecoins under scrutiny[$BTC](https://twitter.com/search?q=%24BTC&src=ctag&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) response = $30k 📈 > > Lets go ✌️ > > — Crypto Rand (@crypto\_rand) [April 11, 2023](https://twitter.com/crypto%5Frand/status/1645700762322755584?ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) And regarding Fed rates, that's how they are actually [estimated](https://twitter.com/biancoresearch/status/1645768551553269763?ref=metatalks.ai) by the market: ![](https://lh4.googleusercontent.com/RoABvBngW0yBw8MAT5q5NU8J4iY1_d9A3ElJ24qC04cSsXEbLHHlm6xeiGVBeZ_Aoc7_dngmy2rlIfiyI3SgtRqxs7NHbBeC_ygJdn_jd_xgiifBTfVXveDCL4AXfxiWF8GHOohy_-VW1uLs6xGquwU) In terms of technical analysis, the last price impulse clearly invalidates the implied double top pattern in BTCUSD: ![](https://lh4.googleusercontent.com/TgiUHeEty8RfG1LAAocyUmNYMh020owvxulzLgZKaW8hQQLbl4Kv0DPl01rOozncZG-MV5ZDbR3U4hClmSbdbTys_cEG7V5a0Fb96GjRHVcsXB81J0aBpaBvXWYu4jDJtWcVg_mOzlSQTm2P_Jwgd-Y) ![](https://lh5.googleusercontent.com/7qQ7_nuBVQ45p0dAKYP_14BTlHNqTNzvE3e9NO-8lCsFD1cItKXj6koChbhi0oqG4Q56I_XCVWR0GtWU9VMzC5pknvok1rzCWUAj1BYKHmb0waU5WvTT4xPLY9nwO4Ygv-m54Qp124Wfju4ta7xTUWQ) From a more long-term perspective, there's an interesting [thread](https://twitter.com/rektcapital/status/1630701847588511744?ref=metatalks.ai) regarding RSI on a monthly timeframe from [@rektcapital](https://twitter.com/rektcapital?ref=metatalks.ai), stating: "Whenever the[ #BTC](https://twitter.com/hashtag/BTC?src=hashtag%5Fclick&ref=metatalks.ai) Monthly RSI rebounded from the red bottom trendline... It would experience a strong uptrend for a few months, and the price would follow suit." ![](https://lh6.googleusercontent.com/0Q4H77yboYJHv5BmoVTzaUvjKuDLDGS3jFxX10i78fybuLyC-MVup_EzwVTpYSVXGxtLvSRtCWksQfFioUsm1Ox9Thsj4R0t1I247uk1tnRn4AUHaZ-WUu6DWYwGjUPIXb5NXHuHDTXOa-gjr66L-W0) What does the on-chain data say about the nature of the current price impulse? Here's a [thread](https://twitter.com/%5FCheckmatey%5F/status/1645541464930406401?ref=metatalks.ai) from Glassnode's [@\_Checkmatey\_](https://twitter.com/%5FCheckmatey%5F?ref=metatalks.ai), showing that (in short): > On the [#Bitcoin](https://twitter.com/hashtag/Bitcoin?src=hash&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) Spot demand front: > > \- On-chain activity is growing healthily > \- Spot Exchange activity is growing > \- Net capital inflows to [$BTC](https://twitter.com/search?q=%24BTC&src=ctag&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) against backdrop of stablecoin outflows > \- Profit taking necessitates buyers with more fiat > \- On-chain wallet growth healthy and positive > > — \_Checkɱate 🔑⚡🌋☢️🛢️ (@\_Checkmatey\_) [April 10, 2023](https://twitter.com/%5FCheckmatey%5F/status/1645541491513921536?ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) And [@WClementeIII](https://twitter.com/WClementeIII?ref=metatalks.ai), another prominent on-chain analyst, totally agrees with that vision: ![](https://lh5.googleusercontent.com/X1-HaVRxJDihoETNvxQMtloIFmT2bc54o_J4uEkaGY7AxcLGC4_I6ud5MGuQGZmGbcsz5wBflbvlYrKx080UYSJN18Lg3_2niN-1E_oFWbjL7upLwSI3gU-3moryCTuJOq1arCxyNfqJ6P1v5k1jjKc) ![](https://lh4.googleusercontent.com/Im-4-zrXTNuXwqUfqFvubNO221tkFBV-5mbsKYTeQRYsJsUFMwphedAf_hhbnMjO-rG4hxXFfD9XCtd0b1uvpTOVGW0lCH4JChuKKXDZc_Eo4_7Ie60dIYSUaMFxDs5_2tXpUae-jPI6nCxuk7PzeCY) > Onchain data is like a survey that can't ask the wrong questions with respondents who can only answer truthfully. > > — Nathaniel Whittemore (@nlw) [April 12, 2023](https://twitter.com/nlw/status/1645952002948763649?ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) Let's zoom out now: ![](https://lh5.googleusercontent.com/bbtnAjCUkfLUYwKKvmAEu1RbXfASxvjp0i4tcTLSZNVpVrvhYJesZyr0zLemH-0kjFIMxKL480N2gnLXLg_skTTxUzOMeNtkS59ZHjtsL0XB7a4Z_OmK6Cau6acossFB23q16EFmqUJtkKff8C7XvRQ) Currently, [#BTC](https://twitter.com/hashtag/BTC?src=hashtag%5Fclick&ref=metatalks.ai) looks to be repeating 2019 rather than 2015 on this Macro Downtrend breakout, [according](https://twitter.com/rektcapital/status/1645797265523773448?ref=metatalks.ai) to [@rektcapital](https://twitter.com/rektcapital?ref=metatalks.ai), a well-known trader and analyst. "We'll be very lucky if [#BTC](https://twitter.com/hashtag/BTC?src=hashtag%5Fclick&ref=metatalks.ai) performs a 2015-like retest of the Macro Downtrend resistance." ![](https://lh4.googleusercontent.com/DwwSRBNq9hz3TbFcF1jRz9XvsoUO7QP4rgWuCJZOVaVNfp1OV_bkKGI2jg6FrrStb_XzkXhR01M2ypAobw8m9TQ9h5kyo8gSyRDo3LCFjt3PmtlUZrG0_jgHbA3ycM5mPT1WwG7y4tfxwtHDFf3fuLg) > [#BTC](https://twitter.com/hashtag/BTC?src=hash&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) history has repeated itself[$BTC](https://twitter.com/search?q=%24BTC&src=ctag&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) [#Crypto](https://twitter.com/hashtag/Crypto?src=hash&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) [#Bitcoin](https://twitter.com/hashtag/Bitcoin?src=hash&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) [pic.twitter.com/C7yYuSf2C8](https://t.co/C7yYuSf2C8?ref=metatalks.ai) > > — Rekt Capital (@rektcapital) [April 11, 2023](https://twitter.com/rektcapital/status/1645818290965471236?ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) > The entire move of [#Bitcoin](https://twitter.com/hashtag/Bitcoin?src=hash&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) reminds me of 2019 in terms of sentiment. > > Literally no hype, no thrill, no FOMO, 2019 was the same. Just silent progress. > > The real FOMO will start to kick in when [#Bitcoin](https://twitter.com/hashtag/Bitcoin?src=hash&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) breaks to new ATH's. > > But that's only going to take place after the halving. > > — Michaël van de Poppe (@CryptoMichNL) [April 11, 2023](https://twitter.com/CryptoMichNL/status/1645786063603113985?ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) ![](https://lh6.googleusercontent.com/iIhjNfsWa_ihYqDmCvvbMFxbmT_oH4OCdgpznie1j0jTxl-TClgps56VDpso2Vt4jAgjd-dPiJoC1OgSXzo114T4zUc57-0_OPQpbJsnzfDjbyCW1rcmZW5R3CQfnpj2TKntRNmmW3ZHQ06GjyJC8QY) > Who's been here for the entire 2022 [#Crypto](https://twitter.com/hashtag/Crypto?src=hash&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) Bear Market gimme a HELL YEAH![#BTC](https://twitter.com/hashtag/BTC?src=hash&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) [$BTC](https://twitter.com/search?q=%24BTC&src=ctag&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) [#Bitcoin](https://twitter.com/hashtag/Bitcoin?src=hash&ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) > > — Rekt Capital (@rektcapital) [April 11, 2023](https://twitter.com/rektcapital/status/1645816457715146752?ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) > Hope everyone always holds some Bitcoin. > > — Frank III (@frankdegods) [April 11, 2023](https://twitter.com/frankdegods/status/1645684218847166464?ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai) ![](https://lh3.googleusercontent.com/7uZqlV7x_6BbXDvHWZ9YFZbq4EBfLdnU7PZaN7ZgpMuvXhUkDvjGzswn6ylFFBYC_mzG40N50K4nbdnKC-Yzj3o9Uwelzj1JwfO4GcAeRU1qmwJgq0k8ouYlH9KSTeeDyDIcKeOH_WkJlMuRVcTc6rw) ![](https://lh6.googleusercontent.com/LZMp6l_jvUHy7GvslvZ8TBhr3wnt1RN53MsGW5MyAkEFkdGug6c-XHDL4zkqU3iKF9Q7WW5c6tuERt0eCVXnHC-G2nN9AfgDAyNQytlOwlS7bJbTLm2HRw0QsRPcLpWw32PQwfimEmrqthX4QIX1OG4) ![](https://lh3.googleusercontent.com/uMZpfrWPqbdEOCn47S7NfofYvdh-cJxlMYKTiD9FMyHoVI8evzOih1O1U4xEsFud42UrakM0W0cwBqAchJS_ECItJ_K4QhO6Qx-gIUMP_8Rg8qzrMEa949Dj4amugObOfJCaoUgT4dsGH8Jq3tqVDuU)