Bitcoin (BTC) remained in a tight range at the Wall Street open on April 3 as analysts counted towards volatility.
“Beware of the carpets” in BTC
Data from Cointelegraph Markets Pro and TradingView It followed BTC/USD as it lingered around $28,000 on Bitstamp.
The weekend had ended on a erratic note as news of an OPEC+ oil production cut sent cryptocurrencies lower ahead of a rally during the Asian trading session.
Amid the lack of clear direction, the monitoring resource Material Indicators marked Significant liquidity on both sides of the spot price on the Binance order book.
“We don’t have a confirmed breakout or breakout yet, just rejected attempts that have kept the price clipped in this range,” added part of a new Twitter comment.
“It’s just a matter of time until one side breaks. Beware of the carpets.
Popular trader Crypto Chase agreed that BTC price action remained stagnant.
“Limited range”, he summarizedreferring to the equilibrium (EQ) price at $28,234, the midpoint of the upper and lower limits of the trading range, which holds through the weekend.
“Range EQ providing support for the last 4 days. The bulls want to see an acceptance/daily close above 28.9K for the expansion. Bassists want a significant EQ near the lower range. At that point, EQ’s previous support could turn into resistance sending price to retest the range low.”
Related: US Enforcement Agencies Are Turning Up the Pressure on Crypto-Related Crimes
Others were more categorical in their market assessments. Maartunn, a contributor to on-chain analytics platform CryptoQuant, turned to longer timeframes to emphasize the success of the March monthly close.
Bitcoin has confirmed a breakout of a multi-month consolidation and funding rates are negative pic.twitter.com/vBs7ipK8hw
— Maartun (@JA_Maartun) April 3, 2023
By contrast, trader and analyst Rekt Capital warned that a pullback could be imminent.
#BTC continue to fight in the resistance Upper High (black)$BTC it will continue trendless as it consolidates between the Higher High resistance and the green support at $27,000
The drop in green could happen soon
Lose that -> deeper retracement confirmed#Crypto #Bitcoin https://t.co/8sG1jswkDr pic.twitter.com/lsqDlenUpS
— RektCapital (@rektcapital) April 3, 2023
DXY heads lower after brief comeback
In macro, US equities were mixed at the open, with the S&P 500 afloat and the Nasdaq Composite Index down 0.8%.
Related: BTC Price Double Top Formation? 5 things to know about Bitcoin this week
The US Dollar Index (DXY), which initially benefited from the OPEC+ announcement, continued to fall during the day, at one point below 102, nearly matching two-month lows.
“DXY has been rejected at its 50-week moving average,” Game of Trades analysis account noted the previous day
“A bearish rejection in the MACD has increased the probability of a further decline.”
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.
