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BTC price double top forming? 5 things to know in Bitcoin this week

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Thanks to oil production cuts and major historical resistance, among other factors, Bitcoin bulls have their work cut out to break higher.

Bitcoin (BTC) starts a new week in volatile territory, with news of an oil supply cut delivering a choppy start.

Still caught at major historical resistance, BTC/USD delivered an unappetizing weekly close on news of oil production cuts.

A subsequent rebound may show bulls’ mettle, but the question for analysts is what happens next. Will oil prices dictate market moves or can Bitcoin break through $30,000?

Under the hood, the picture is as rosy as ever, with network fundamentals due to hit new all-time highs this week while dormant supply is also increasing.

Cointelegraph looks at Bitcoin markets as the world digests the latest move from The Organization of the Petroleum Exporting Countries plus 10 other oil-exporting countries (Opec+).

Oil cut boosts dollar as inflation concerns return

A key event over the weekend, which is now upending macro conditions, is a decision to cut global oil output.

Opec+ has announced voluntary cuts in production totaling 1.65 million barrels per day, and the impact was felt immediately, with the U.S. dollar rising alongside energy costs.

A classic headwind for risk assets, including crypto, the U.S. Dollar Index (DXY) traded above 102.7 at the time of writing, up from April lows of 102.04.

“Eyes on DXY this morning.... This bounce could be just a gap fill as I spoke about last week. I was waiting for this fill,” popular trader Crypto Ed reacted, uploading an explanatory chart to Twitter.

“It’s time for DXY to show its direction (which should effect BTC’s PA).”
U.S. Dollar Index annotated chart. Source: Crypto Ed/ Twitter

While the Opec+ move took its toll on assets from Bitcoin to gold, Alasdair Macleod, head of research for Goldmoney, argued that governments would have to inject liquidity to offset any energy price rises, thus once again boosting risk-asset performance.

WTI oil is up $3.60 this on ME and Asia cutting output. Market reaction is gold falls $13. Markets incorrectly believing it's "deflationary". But anyone with half a brain knows that central banks will just print faster and faster to pay for higher energy prices...

— Alasdair Macleod (@MacleodFinance) April 3, 2023

“Markets will soon react to the surprise OPEC production cut from this weekend,” financial commentary resource The Kobeissi Letter continued in its own dedicated analysis.

“Oil prices will likely rise back above $80.00, an unwelcomed development by central banks attempting to fight inflation. Supply-side inflation is set to worsen on this news.”

Higher inflation would, in turn, increase the odds of central banks continuing to hike interest rates despite the ongoing banking crisis in the U.S. and abroad.

According to the latest estimates from CME Group’s FedWatch Tool, markets currently believe that the Federal Reserve will hike rates by another 0.25% in May, having previously been more in favor of a pause.

fdede0da-1827-4591-b03f-097d81b57625.pngFed target rate probabilities chart. Source: CME Group

Bitcoin price rebounds from Opec+ news

Bitcoin initially felt the pressure from the Opec+ decision as the weekend faded, dropping below $28,000 to close the week in a disappointing style.

However, during the April 3 Asia trading session, BTC/USD staged a sudden comeback, jumping $865 from the overnight lows of $27,600 on Bitstamp.

Popular trading account Daan Crypto Trades noted that in so doing, Bitcoin had closed another CME futures gap and thus exhibited classic Monday trading behavior.

$BTC With the quick CME gap close on Monday as we see so often. pic.twitter.com/KKbnsrucvW

— Daan Crypto Trades (@DaanCrypto) April 3, 2023

Fellow analytics account Skew followed short-term developments while predicting a “much bigger reaction” during the coming week.

$BTC nice 4H Close
Bouncing so far, target would be $29K highs for a sweep at very least.

Pretty low volume so far though, expecting a much bigger reaction this week https://t.co/xCCoUqjNvR pic.twitter.com/gU3RSzUiut

— Skew Δ (@52kskew) April 3, 2023

Looking ahead, however, crypto analysis and education resource IncomeSharks maintained a bearish outlook on BTC.

“I just can’t unsee the double top Mcdonalds pattern,” it wrote on the day, referring to the structure of BTC/USD in 2023 so far.

“Now you got a diagonal trendline break, low volume, and weak OBV. Logic and unbiased emotions says to sell/short this, I don’t see a reason to be bullish short term YET.”
dcecdd34-7115-4530-b724-40ab19f29246.pngBTC/USD annotated chart. Source: IncomeSharks/ Twitter

Trader and analyst Rekt Capital was not so sure.

“Still not clear if BTC is forming the second part of its Double Top formation,” he argued in his latest analysis.

“$BTC would need to soon drop to ~$27,000 (blue) if it is to fully develop the pattern pattern & form an M-like shape. Lose ~$27K -> Double Top validated. Something to consider.”
fbab17f0-bd1d-4ec7-8326-9451b56609b8.pngBTC/USD annotated chart. Source: Rekt Capital/ Twitter

Another week, another Bitcoin mining record

Dip or no dip, Bitcoin network fundamentals are in no mood to flip bearish this week.

According to the latest estimates from BTC.com, Bitcoin difficulty is due to have yet another increase at the upcoming automated readjustment in three days.

This will take it to 47.92 trillion on a 2.3% rise, marking new all-time highs for difficulty.

f80a2204-f431-46dc-ad18-b3b79c6d7067.pngBitcoin network fundamentals overview (screenshot). Source: BTC.com

Data from MiningPoolStats shows a similar uptrend for hash rate, which by some measurements touched a record 400 exahashes per second (EH/s) recently.

Analyzing what could be behind the rapid growth, Sam Wouters, a research analyst at mining firm River, suggested that it was likely sidelined rigs returning to operations thanks to price rises.

“It is rumored that several large public miners have significant inventories of unused ASICs. While Bitcoin’s price was so low and as much inventory as possible was brought online last year, at some point maximum capacity of what the network could handle was reached,” he wrote in part of a dedicated Twitter thread on March 27.

“Now that the price has been rising again and some time has passed, more of this inventory has been able to go online.”

Data from on-chain analytics firm Glassnode shows that miners have begun attempting to retain more BTC than they earn.

On a rolling 30-day basis, miners’ net position change is again positive after two weeks of a downtrend.

175c5d1a-7d50-41c6-8d9d-9281046e5652.pngBitcoin miner net position change chart. Source: Glassnode

Dormant BTC supply sets further records

Bitcoin is known for its ability to create supply shocks, but the latest data underscores the long-term trend.

Despite the BTC price comeback this year, the available supply dormant for a decade or more is at new all-time highs.

That record was beaten again this week, with 2,691,418.953 BTC not leaving wallets since at least April 2013.

This equates to 12.81% of the total possible supply of 21 million BTC, or 13.91% of the supply mined so far.

e30bdccc-d450-4dee-8c4b-d598f85ff015.pngBTC supply last active 10 years ago or more. Source: Glassnode/ Twitter

Any mass interest in BTC will thus mean that buyers have a dwindling supply to purchase. While rising slightly in 2023, exchange balances remain near their lowest since early 2018, Glassnode confirms.

64d4b48a-59c6-4875-8042-8b7426849e9f.pngBitcoin exchange balance chart. Source: Glassnode

“Too euphoric?”

Crypto market sentiment has not yet digested the possibility of a significant retracement.

Related: Bitcoin liquidity drops to 10-month low amid US bank run

According to the classic sentiment indicator, the Crypto Fear & Greed Index, “greed” is what continues to characterize the overall mood.

As of April 3, greed measured 63/100, near its highest since Bitcoin’s all-time highs in November 2021.

“The crypto market is getting too euphoric,” analytics resource Game of Trades warned late last month.

While high, the level of greed, as depicted by the Index, still has considerable room for growth until hitting “extreme” territory nearer 90 — this being a classic signal that a significant market correction is due.

4b4f68af-8710-46d2-a590-4a8bd03c9405.pngCrypto Fear & Greed Index (screenshot). Source: Alternative.me

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Source

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  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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