Bitcoin (BTC) remained in a tight trading range until April 7 as crypto analysts awaited the main US macroeconomic data for the week.
$30,000 or $25,000 per Bitcoin?
Data from Cointelegraph Markets Pro and TradingView confirmed another day that it hovers around $28,000 for BTC/USD.
The pair had avoided volatility for most of the week, but was now facing the NFP numbers as a final potential catalyst for risk assets.
“Expectations are that we will see 3.6%, similar to last month. Based on this week’s financial figures, I prefer to expect 3.7-3.8%,” Michaël van de Poppe, founder and CEO of trading company Eight, summarized about your expectations.
“Result; $DXY down, $BTC unchanged and indices down/up depending on how far outlier is.”
another twitter post argument that $30,000 remained on the table in case the bulls protect the current support levels.
“Bitcoin remains in a dull state of mind. Consolidating for weeks, while the old altcoins are surging,” he continued.
“I am still seeking support here, through which $27,600 is needed to sustain itself. If that is lost, it seems likely between $25,000 and $25,400. Hold here via NFP -> $30,000 below.”
Related: $1.12 billion in Bitcoin options expire this week and bulls appear to be at a disadvantage
Fellow Crypto trader Tony agreed that the current trading range, however, can prove difficult.
“I bet we’ll be looking at this range for a while. If we range for a while and Alts start to run, it just confirms that the capital flow is on the move,” he said. forecast up to date.
Popular trader Anbessa posted similar downside targets to Van de Poppe, looking $27,940 as an important intraday level to defend.
Bollinger Bands Herald Volatility in BTC Price
Meanwhile, examining volatility, popular analyst HornHairs noted that Bollinger bands offered a telltale sign that calm conditions were about to break.
Related: Bitcoin ‘Faces Headwinds’ As US Money Supply Falls Further Since 1950s
“Bitcoin volatility contraction is as strong as it has been all year. The games will start shortly. Dust off your weapons of choice for the volatility ahead,” he advised.
An accompanying chart confirmed that the Bollinger Bands “tighten” around the spot price, reflecting the current tight range, with the implication that a challenge of the upper or lower band should begin soon.
As Cointelegraph reported, 2023 has been a year of contrasting volatility phenomena, with BTC/USD gaining 40% in January, but ending February almost exactly where it started.
March’s rise totaled 23%, while in April, Bitcoin is currently down 2.3%, according to statistics from purse.
The views, thoughts and opinions expressed here are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
