Bitcoin (BTC) remained in a tight trading range on April 7, while cryptanalysts awaited the main US macroeconomic data for the week.
USD 30,000 or USD 25,000 for bitcoin?
Data from Cointelegraph Markets Pro and TradingView confirmed another day of swing around $28,000 for BTC/USD.
The pair had avoided volatility for most of the week, but is now facing the NFP numbers as a potential catalyst. end for risky assets.
“Expectations are that we will see 3.6%, similar to last month. Based on this week’s financial numbers, I would expect more of 3.7-3.8%.” summarized about your expectations Michaël van de Poppe, founder and CEO of the trading firm Eight.
“Result: DXY is down, BTC remains flat, and indices stay down/up depending on how far the outlier goes.”
Another post on Twitter argued that The $30,000 mark was still on the table in case the bulls protected the current support levels.
“Bitcoin remains in a dull frame of mind. Consolidating for weeks, while the old altcoins are rocking,” he continued.
“I keep looking for support here; you have to hold the $27,600 level. If that is lost, a drop to $25,000-25,400 looks likely. You have to hold the level until the NFP data comes out, and then we will go all the way to $30,000.”
Your colleague Crypto Tony agrees that the current trading range can be difficult.
“I bet we will stay in this range for a while. If we do for a while and the altcoins start to run, it just confirms that the flow of capital is moving.” forecast that day.
the popular trader Anbessa showed similar bearish targets to Van de Poppe: pointed $27,940 as an important intraday level to defend.
Bollinger bands portend volatility for the BTC price
Examining volatility, popular analyst hornhairs he pointed that Bollinger bands were offering a tell-tale signal that calm conditions were about to break.
“Bitcoin’s volatility contraction is the tightest of the year. Games will start shortly. Dust off your weapons for the volatility that lies ahead,” he advised.
An accompanying graph confirmed that Bollinger bands were “tightening” around the spot price, reflecting the current tight range, implying that a challenge of the upper or lower band should begin soon.
As Cointelegraph reported2023 has been a year of contrasting volatility phenomena: BTC/USD gained 40% in January, but ended February almost exactly where it started.
March gains totaled 23%, while in April, bitcoin is down 2.3%according to Coinglass statistics.
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