Bitcoin traders expect ‘big move’ next as BTC price flatlines at $28K

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Bitcoin (BTC) further narrowed its narrow trading range until April 8 as risk assets await a new catalyst.

Expect BTC price “impulse” to follow sideways movement

Cointelegraph Markets Pro and TradingView Bitstamp showed BTC/USD hovering near $28,000.

After Wall Street Trading Week brought few surprises, the pair continued their sideways move over the weekend.

Increased order book liquidity on either side of the spot price gives the market more room for manipulation despite being asked to enter $25,000 and $30,000 as short-term targets It seems to be getting less and less.

This liquidity is still in effect today, monitoring key metrics for our resources capture Phenomenon in Binance orderbook.

“If you think a price target for BTC, ETH, DOGE, or any of the other altcoins is imminent, you are wrong,” he added, adopting a cautionary tone.

“The only guarantee in cryptocurrencies is that they are one of the riskiest assets and nothing is guaranteed.”

A specific warning recently made by former Coinbase executive Balaji Srinivasan focused on BTC price bets at the time demanding a whopping $1 million per Bitcoin within the next three months. was

The key indicator adds that liquidity reflects sentiment, and has previously emphasized that such liquidity movements tend to “weaken” price movements.

Meanwhile, Michael van de Poppe, founder and CEO of trading firm Eight, said: “It’s going to be a very calm weekend for Bitcoin.” continuation.

“The price action is flat and the longer it stays in this range, the stronger the impulse. Support is maintained.”

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Popular trader and analyst Daan Crypto Trades shared the idea that a Bitcoin breakout is all but guaranteed.

“Markets are boring and volatility is low. These kinds of periods usually precede big moves,” he says. wrap up On that day.

As reported by Cointelegraph, BTC/USD is currently experiencing some of the lowest volatility intraday conditions for 2023 when it comes to the Bollinger Bands volatility indicator. This is the classic precedent for breakouts.

Fidelity: The stock market ‘declares’

Looking at the broader macro environment, Julian Timmer, director of global macro at asset manager Fidelity Investments, drew a similar conclusion for US equities.

RELATED: Bitcoin ‘Facing Headwinds’ As U.S. Money Supply Sinks to the Lowest Since 1950s

2023 saw a renaissance, but he I got it A Twitter analysis from April 7 shows that the S&P 500 has been in a flat range for nine months.

“Where does the market go from here? As you can see, we’ve been riding turbulent waves for some time now,” he summarized.

Like Bitcoin, the S&P 500 should break out sooner or later, but it’s still directionally unclear and heavily dependent on the Federal Reserve.

“We are only three months away from 2023, but we have already had nine months in this big trading range[from the June lows],” he concluded.

“It’s been a long time and sooner or later the market will declare some direction.”

The views, thoughts and opinions expressed herein are those of the author only and do not necessarily reflect or represent the views or opinions of Cointelegraph.