Bitcoin (BTC) remained in a tight range at the Wall Street open on April 3 as analysts counted towards volatility.
Keeping an eye on BTC
Data from Cointelegraph Markets Pro and TradingView tracked the BTC/USD pair as it hovered around $28,000 on Bitstamp.
The weekend had ended on a erratic note, as news of an OPEC+ oil production cut sent cryptocurrencies tumbling before rallying during the Asian session.
In the midst of a lack of clear direction, the Material Indicators tracking resource frame significant liquidity on both sides of the spot price on the Binance order book.
“We don’t have a confirmed breakout or breakout yet, just rejected attempts that have kept the price biting in this range,” added part of the recent comment on Twitter.
“It’s just a matter of time until one side breaks. Watch out for the rugs.”
Popular trader Crypto Chase agreed that the BTC price remained stagnant.
“Inside the range”, concludedreferring to the equilibrium price (EQ) at USD 28,234 – the midpoint of the upper and lower limits of the trading range – held through the weekend.
“Range EQ provided support over the last 4 days. Bulls want to see an acceptance/daily close above $28,900 for expansion. Bears want a significant close below Range EQ. At that point, support previous EQ could switch to resistance sending price to retest range low.”
Others were more categorical in their market assessments. Maartunn, a contributor to on-chain analytics platform CryptoQuant, turned to longer time frames to emphasize the success of the March monthly close.
Bitcoin has confirmed a break-out from a multi-month consolidation, and funding rates are negative pic.twitter.com/vBs7ipK8hw
—Maartunn (@JA_Maartun) April 3, 2023
Bitcoin has confirmed a breakout of a multi-month consolidation and funding rates are negative
By contrast, trader and analyst Rekt Capital warned that a pullback could be imminent.
#BTC continues to struggle at the Higher High resistance (black)$BTC will continue to be non-trending as it consolidates between the Higher High resistance & the green support at $27,000
Drop into green could occur soon
Lose that -> deeper retrace confirmed#Crypto #Bitcoin https://t.co/8sG1jswkDr pic.twitter.com/lsqDlenUpS
— Rekt Capital (@rektcapital) April 3, 2023
#BTC continues to struggle at Higher High resistance (black) $BTC will remain trendless as it consolidates between Higher High resistance and green support at $27,000
The drop in green could happen soon
Lose that -> deeper retracement confirmed
DXY down after a brief rally
In macro, US equities were mixed at the open, with the S&P 500 afloat and the Nasdaq Composite Index down 0.8%.
The US Dollar Index (DXY), which initially benefited from the OPEC+ announcement, continued to fall during the day, at one point below 102, nearly matching two-month lows.
“DXY has been rejected at its 50-week moving average”, he pointed the Game of Trades analysis account the day before.
“A bearish rejection in the MACD has increased the probability of a further decline.”
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