{"id":48274,"date":"2023-04-09T10:37:37","date_gmt":"2023-04-09T10:37:37","guid":{"rendered":"https:\/\/egrowonline.com\/?p=48274"},"modified":"2023-04-09T10:37:37","modified_gmt":"2023-04-09T10:37:37","slug":"bitcoin-traders-expect-big-move-next-as-btc-price-flatlines-at-28k","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=48274","title":{"rendered":"Bitcoin traders expect \u2018big move\u2019 next as BTC price flatlines at $28K"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) reduced its narrow trading range even further into April 8 as risk assets waited for fresh catalysts.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Hopes for BTC price \u201cimpulse\u201d to follow sideways action<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD hovering near $28,000 on Bitstamp.<\/p>\n

The pair continued sideways behavior into the weekend after the Wall Street trading week offered few surprises.<\/p>\n

Despite calls for $25,000 and $30,000 to enter as near-term targets, increasing order book liquidity on either side of the spot price appeared to offer the market increasingly little room for maneuvering.<\/p>\n

This liquidity remained in force on the day, with monitoring resource Material Indicators capturing<\/a> the phenomenon on the Binance order book.<\/p>\n

\u201cIf you think ANY price target for BTC, ETH, DOGE or any other altcoin is imminent, you are mistaken,\u201d it wrote, adopting a cautionary tone in accompanying comments. <\/p>\n

\u201cThe ONLY guarantee in crypto is that these are among the riskiest of risk assets and NOTHING IS GUARANTEED.\u201d<\/p><\/blockquote>\n

A specific warning focused on the BTC price bet recently made by former Coinbase executive Balaji Srinivasan<\/a>, who at the time called for a sky-high $1 million per Bitcoin within the next three months.<\/p>\n

Material Indicators added that liquidity reflects sentiment, having previously emphasized<\/a> that such liquidity moves are apt to \u201cdampen\u201d price volatility.<\/p>\n

BTC\/USD order book data (Binance). Source: Material Indicators\/Twitter<\/em><\/figcaption><\/figure>\n

\u201cVery calm weekend coming up on Bitcoin,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, meanwhile continued<\/a>. <\/p>\n

\u201cPrice action remained flat and the longer we stay in this range, the heavier the impulse will be. Based on the fact that we’re coming from $15K, I’d assume we’ll be seeing strong continuation. For now, support at $27,600 is sustaining.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/ Twitter<\/em><\/figcaption><\/figure>\n

Related:\u00a0Zhu Su\u2019s exchange did $13.64 in volume akshually, Huobi in crisis: Asia Express<\/a><\/em><\/strong><\/p>\n

Popular trader and analyst Daan Crypto Trades shared the idea that a breakout for Bitcoin was all but guaranteed.<\/p>\n

\u201cMarket is boring, volatility is low. These kind of periods usually precede a large move,\u201d he summarized<\/a> on the day.<\/p>\n

As Cointelegraph reported, in terms of the Bollinger Bands volatility indicator, BTC\/USD is currently experiencing some of its least volatile<\/a> intraday conditions of 2023 \u2014 a classic precedent for a breakout.<\/p>\n

BTC\/USD 1-day candle chart (Bitstamp) with Bollinger Bands. Source: TradingView<\/em><\/figcaption><\/figure>\n

Fidelity: Stock market \u201cwill declare itself\u201d<\/h2>\n

Taking a look at the wider macro environment, Jurrien Timmer, director of global macro at asset manager Fidelity Investments, drew similar conclusions about United States equities.<\/p>\n

Related:\u00a0Bitcoin \u2018faces headwinds\u2019 as US money supply drops most since 1950s<\/a><\/em><\/strong><\/p>\n

While 2023 has seen a renaissance, he noted<\/a> in Twitter analysis on April 7 that the S&P 500 has moved within a sideways range for nine months.<\/p>\n

\u201cWhere does the market go from here? As you can see, we\u2019ve been treading choppy waters for a while now,\u201d he summarized.<\/p>\n

Like Bitcoin, the S&P 500 should be due a breakout sooner or later, with the direction nonetheless unclear and highly dependent on the Federal Reserve.<\/p>\n

\u201cWe are only three months into 2023, but already nine months into this big trading range (since the June low),\u201d he concluded. <\/p>\n

\u201cThat\u2019s a long time, and sooner or later the market will declare itself in one direction or another.\u201c<\/p><\/blockquote>\n

S&P 500 annotated chart. Source: Jurrien Timmer\/ Twitter<\/em><\/figcaption><\/figure>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) reduced its narrow trading range even further into April 8 as risk assets waited for fresh catalysts. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Hopes for BTC price \u201cimpulse\u201d to follow sideways action Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD hovering near $28,000 on Bitstamp. The pair continued sideways behavior into […]<\/p>\n","protected":false},"author":1,"featured_media":48275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[4238,70,50,194,1048,2378,883,195,180],"class_list":["post-48274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-28k","tag-big","tag-bitcoin","tag-btc","tag-expect","tag-flatlines","tag-move","tag-price","tag-traders"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/04\/7a1390bc-e20c-4da9-a49c-82637dafe129.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/48274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48274"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/48274\/revisions"}],"predecessor-version":[{"id":48276,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/48274\/revisions\/48276"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/48275"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48274"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}