bitcoin (BTC) further narrowed its narrow trading range through April 8 as risk assets awaited further catalysts.
Hopes BTC Price โMomentumโ Follows Sideways Action
Data of Cointelegraph Pro Markets and TradingView it showed BTC/USD hovering around $28,000 on Bitstamp.
The pair continued sideways over the weekend after Wall Street's trading week offered few surprises.
Despite orders for $25,000 and $30,000 to enter as short-term targets, increasing order book liquidity on either side of the spot price seemed to offer the market less and less wiggle room.
This liquidity remained in force during the day, with monitoring of the material indicators of the resource capturing the phenomenon in the Binance order book.
โIf you think ANY price target for BTC, ETH, DOGE or any other altcoin is imminent, you are wrong,โ he wrote, striking a cautionary tone in the accompanying comments.
โThe ONLY guarantee in crypto is that these are among the riskiest of risky assets and NOTHING IS GUARANTEED.โ
A specific warning focused on the recent BTC price bet made by the former Coinbase exec balaji srinivasanwho at the time asked for a sky-high value of $1 million per Bitcoin in the next three months.
Material indicators added that liquidity reflects sentiment, as previously emphasized that such liquidity movements are apt to "cushion" price volatility.
โA very quiet weekend is coming up for Bitcoin,โ meanwhile, Michaรซl van de Poppe, founder and CEO of trading company Eight continued.
โPrice action was flat and the longer we stay in this range, the stronger the momentum will be. Based on the fact that we are coming off $15K, I would guess that we will see a solid continuation. For now, the support at $27,600 holds.โ
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Popular trader and analyst Daan Crypto Trades shared the idea that Bitcoin's breakout was all but guaranteed.
โThe market is boring, volatility is low. These kinds of periods often precede a big move,โ she said. summarized up to date.
Like Cointelegraph reportedin terms of the Bollinger Bands volatility indicator, BTC/USD is currently experiencing some of its least volatile intraday conditions of 2023, a classic precedent for a breakout.
Loyalty: Bag "will be declared"
Taking a look at the broader macroeconomic environment, Jurrien Timmer, global macro director at asset manager Fidelity Investments, drew similar conclusions about US stocks.
Related: Bitcoin 'Faces Headwinds' as US Money Supply Falls Further Since 1950s
While 2023 has seen a renaissance, he noted In the April 7 Twitter analysis, the S&P 500 has been range-bound for nine months.
"Where does the market go from here? As you can see, we've been sailing in rough waters for a while," he summed up.
Like Bitcoin, the S&P 500 should break out sooner or later, although the direction is unclear and is highly dependent on the Federal Reserve.
"We are only three months away from 2023, but already nine months in this large trading range (from the June low)," he concluded.
"That's a long time, and sooner or later the market will go one way or the other."
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.
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