{"id":21550,"date":"2023-04-09T22:47:34","date_gmt":"2023-04-10T02:47:34","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=21550"},"modified":"2023-04-09T22:47:37","modified_gmt":"2023-04-10T02:47:37","slug":"bitcoin-traders-expect-big-move-next-as-btc-price-flatlines-at-28k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/04\/09\/bitcoin-traders-expect-big-move-next-as-btc-price-flatlines-at-28k\/","title":{"rendered":"Bitcoin traders expect \u2018big move\u2019 next as BTC price flatlines at $28K"},"content":{"rendered":"
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Bitcoin (BTC<\/a>) reduced its narrow trading range even further into April 8 as risk assets waited for fresh catalysts.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Hopes for BTC price \u201cimpulse\u201d to follow sideways action<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD hovering near $28,000 on Bitstamp.<\/p>\n

The pair continued sideways behavior into the weekend after the Wall Street trading week offered few surprises.<\/p>\n

Despite calls for $25,000 and $30,000 to enter as near-term targets, increasing order book liquidity on either side of the spot price appeared to offer the market increasingly little room for maneuvering.<\/p>\n

This liquidity remained in force on the day, with monitoring resource Material Indicators capturing<\/a> the phenomenon on the Binance order book.<\/p>\n

\u201cIf you think ANY price target for BTC, ETH, DOGE or any other altcoin is imminent, you are mistaken,\u201d it wrote, adopting a cautionary tone in accompanying comments.<\/p>\n

\u201cThe ONLY guarantee in crypto is that these are among the riskiest of risk assets and NOTHING IS GUARANTEED.\u201d<\/p><\/blockquote>\n

A specific warning focused on the BTC price bet recently made by former Coinbase executive Balaji Srinivasan<\/a>, who at the time called for a sky-high $1 million per Bitcoin within the next three months.<\/a><\/p>\n


\n<\/a>Material Indicators added that liquidity reflects sentiment, <\/a>having previously emphasized<\/a> that such liquidity moves are apt to \u201cdampen\u201d price volatility.<\/a><\/p>\n

<\/p>\n

BTC\/USD order book data (Binance). Source: Material Indicators\/Twitter<\/em><\/figcaption><\/figure>\n

<\/a>\u201cVery calm weekend coming up on Bitcoin,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, meanwhile <\/a>continued<\/a>.<\/p>\n

\u201cPrice action remained flat and the longer we stay in this range, the heavier the impulse will be. Based on the fact that we’re coming from $15K, I’d assume we’ll be seeing strong continuation. For now, support at $27,600 is sustaining.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/ Twitter<\/em><\/figcaption><\/figure>\n

Related: Zhu Su\u2019s exchange did $13.64 in volume akshually, Huobi in crisis: Asia Express<\/a><\/em><\/strong><\/p>\n

Popular trader and analyst Daan Crypto Trades shared the idea that a breakout for Bitcoin was all but guaranteed.<\/p>\n

\u201cMarket is boring, volatility is low. These kind of periods usually precede a large move,\u201d he summarized<\/a> on the day.<\/p>\n

As Cointelegraph reported, in terms of the Bollinger Bands volatility indicator, BTC\/USD is currently experiencing some of its least volatile<\/a> intraday conditions of 2023 \u2014 a classic precedent for a breakout.<\/p>\n

BTC\/USD 1-day candle chart (Bitstamp) with Bollinger Bands. Source: TradingView<\/em><\/figcaption><\/figure>\n

Fidelity: Stock market \u201cwill declare itself\u201d<\/h2>\n

Taking a look at the wider macro environment, Jurrien Timmer, director of global macro at asset manager Fidelity Investments, drew similar conclusions about United States equities.<\/p>\n

Related: Bitcoin \u2018faces headwinds\u2019 as US money supply drops most since 1950s<\/a><\/em><\/strong><\/p>\n

While 2023 has seen a renaissance, he noted<\/a> in Twitter analysis on April 7 that the S&P 500 has moved within a sideways range for nine months.<\/p>\n

\u201cWhere does the market go from here? As you can see, we\u2019ve been treading choppy waters for a while now,\u201d he summarized.<\/p>\n

Like Bitcoin, the S&P 500 should be due a breakout sooner or later, with the direction nonetheless unclear and highly dependent on the Federal Reserve.<\/p>\n

\u201cWe are only three months into 2023, but already nine months into this big trading range (since the June low),\u201d he concluded.<\/p>\n

\u201cThat\u2019s a long time, and sooner or later the market will declare itself in one direction or another.\u201c<\/p><\/blockquote>\n

S&P 500 annotated chart. Source: Jurrien Timmer\/ Twitter<\/em><\/figcaption><\/figure>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/p>\n