Bitcoin (BTC<\/a>) narrowed volatility on April 30 as the weekly and monthly candle closes loomed.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> tracked BTC\/USD as it loitered just above $29,000 throughout the weekend.<\/p>\n After unsettled price action<\/a> earlier in the week, Bitcoin returned to sideways trading, with markets witnessing an eerie calm despite the potential for volatility thanks to lower weekend liquidity.<\/p>\n As such, traders were hopeful that no unwelcome surprises would greet the candle closes.<\/p>\n $BTC<\/a> \/ $USD<\/a> – Update <\/p>\n Stablecoin Sunday for #Bitcoin<\/a> today please pic.twitter.com\/4qphyAOssT<\/a><\/p>\n \u2014 Crypto Tony (@CryptoTony__) April 30, 2023<\/a><\/p><\/blockquote>\n \u201cNothing has changed,\u201d popular trader Elizy summarized in part of recent Twitter analysis<\/a> of the 3-day chart.<\/p>\n Elizy eyed a potential upside target of up to $32,500 in the event of a breakout, while the loss of a key trend line below spot price would be cause to \u201cbecome really bearish.\u201d<\/p>\n Fellow trader known as J focused on the monthly close, noting that BTC\/USD now sat at a historically significant point based on behavior from throughout its current halving cycle.<\/p>\n \u201cOn the monthly, we can see Bitcoin has rallied into the 2021 lows, which is a major resistance + supply area,\u201d he summarized.<\/p>\n As part of the longer-term roadmap, the largest cryptocurrency should see \u201cChop + slightly down during May – Sep\/Oct,\u201d J added, before performance picks up.<\/p>\n With little to work with on lower timeframes, others also resorted to examining strength on the weekly chart and higher.<\/p>\n Related:\u00a0Bitcoin price holds $29K as US PCE data sparks 90% Fed rate hike bets<\/a><\/em><\/strong><\/p>\n Among them was analyst Moustache, who noted support holding above key exponential moving averages (EMAs) in a manner similar to that which preceded major upside in previous years.<\/p>\n \u201cImagine being bearish on BTC even though it has been forming support ABOVE the EMA ribbon bands for several weeks. Good luck bears,\u201d he commented<\/a>.<\/p>\n Last week, Moustache argued<\/a> that “smart money” had already built BTC positions and was now waiting for the real upside to kick in.<\/p>\n At current spot price of $29,267, Bitcoin would go some way to canceling out the prior weekly candle losses were it to close without last-minute volatility.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-04\/77fc4bc8-00b5-4531-ab0b-f84740df13c3.png\")
Trader sees BTC price upside capped at $32,500<\/h2>\n
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“Good luck bears”<\/h2>\n
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