Bitcoin (BTC) stuck in a tight trading range on April 7 as cryptocurrency analysts await key macroeconomic data from the US for the week.
$30k or $25k for bitcoin?
Data from Cointelegraph Markets Pro and TradingView Another day confirmed $28,000 for BTC/USD.
The pair has avoided volatility over most of the week, but now faces the NFP as a potential final catalyst for risky assets.
Forecasts are that we will see 3.6%, similar to last month. Based on this week’s financial numbers, I’d prefer to forecast 3.7-3.8%,” Michael van de Poppe, founder and CEO of trading firm Eight, said. summary his expectations.
“Result; USD DXY down, USD BTC unchanged, indices down/up depending on how far the deviation will be.”
Another tweet argue That $30,000 remains on the table should the bulls protect the current support levels.
“Bitcoin is still in a dull mood. It has been holding for weeks, while older altcoins are blowing up,” he continued.
“I’m still looking for support here, through which $27,600 needs to hold. If that loses, it’s probably $25,000-25,400. Hold here through NFP -> $30,000 after that.”
Related: $1.12 billion in bitcoin options expire this week, and the bulls appear to be at a huge disadvantage
Fellow Crypto trader Tony agreed that the current trading range may remain flat.
“I bet we’ll be staring at that range for a while. If we do range for a while and Alts starts working, it just confirms that the capital flow is in motion,” he said. weather forecast Per day.
The famous merchant Anbessa showed negative targets similar to Van de Poppe, looking forward $27,940 as an important level for intraday defense.
Bollinger Bands foreshadow BTC price volatility
Study volatility, meanwhile, the popular analyst HornHairs comment The Bollinger Bands were providing a telltale sign that the calm conditions are about to break.
Related: Bitcoin ‘Faces a Headwind’ as US Money Supply Drops Most Since the 1950s
“Bitcoin volatility is as tight as it has been all year. The games will start shortly. Dust off your favorite weapon for future volatility,” he advised.
The accompanying chart confirmed that the Bollinger Bands are “squeezing” around the spot price, reflecting the current narrowing range, with the implication that a challenge to the upper or lower band should begin soon.
As Cointelegraph reported, 2023 was a year of extreme volatility, with BTC/USD surging 40% in January but ending February almost exactly at its starting point.
The total upside for March was 23%, while in April, Bitcoin is currently down 2.3%, according Statistics from Coinglass.
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