Bitcoin (BTC) reduced its volatility on April 30 before the closing of the weekly and monthly candles.
A trader sees BTC price rise capped at $32,500
Data from Cointelegraph Markets Pro and TradingView tracked the BTC/USD pair as it hovered just above $29,000 all weekend.
After the choppy price action earlier in the week, bitcoin returned to trading sideways, with markets witnessing uncanny calm despite potential for volatility thanks to weaker weekend liquidity.
Because of this, the traders hoped that there would be no nasty surprises at the close of the candles.
Stablecoin Monday for #Bitcoin today please pic.twitter.com/4qphyAOssT
— Crypto Tony (@CryptoTony__) April 30, 2023
BTC/USD Update:
Sunday Stablecoin for Bitcoin today please.
“Nothing has changed,” summed up popular trader Elizy in part of a recent analysis on Twitter of the three-day chart.
Elizy envisioned a potential upside target of up to $32,500 in the event of a breakoutwhile the loss of a key trend line below the spot price would be cause to “go really bearish”.
The trader known as J focused on the monthly close, noting that the BTC/USD pair was now at a historically significant point based on behavior during its current halving cycle.
“On the monthly, we can see that bitcoin has rallied at the 2021 lows.which is a major resistance + supply area,” he said.
As part of the longer-term roadmap, the largest cryptocurrency should see “Chop + slightly lower during May – Sep/Oct”added J. before performance picks up.
“Good luck bassists”
With little to work with on lower time frames, others also resorted to examining the strength on the weekly chart and higher.
Among them was the analyst Mustache, who observed that support was holding above key EMAs, such as the one that preceded major rallies in previous years.
“Imagine being bearish on BTC even though it has been building support ABOVE the EMA ribbon bands for several weeks. Good luck, bassists”, commented.
Last week, Mustache argued that “smart money” had already built positions in BTC and was now waiting for the real rally to happen.
At the current spot price of $29,267, bitcoin would cancel out the losses from the previous weekly candle to some extent if it closed without breaking volatility..
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