{"id":11383,"date":"2023-04-08T17:25:49","date_gmt":"2023-04-08T17:25:49","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=11383"},"modified":"2023-04-08T17:25:50","modified_gmt":"2023-04-08T17:25:50","slug":"bitcoin-traders-expect-big-move-next-as-btc-price-flatlines-at-28k","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11383","title":{"rendered":"Bitcoin traders expect &#8216;big move&#8217; next as BTC price flatlines at $28K"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) reduced its narrow trading range even further into April 8 as risk assets waited for fresh catalysts.\u00a0<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Hopes for BTC price &#8220;impulse&#8221; to follow sideways action<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD hovering near $28,000 on Bitstamp.<\/p>\n<p>The pair continued sideways behavior into the weekend after the Wall Street trading week offered few surprises.<\/p>\n<p>Despite calls for $25,000 and $30,000 to enter as near-term targets, increasing order book liquidity either side of spot price appeared to offer the market increasingly little room for maneuver.<\/p>\n<p>This liquidity remained in force on the day, with monitoring resource Material Indicators capturing the phenomenon on the Binance order book.<\/p>\n<p>\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<p>\u201cThe ONLY guarantee in crypto is that these are among the riskiest of risk assets and NOTHING IS GUARANTEED.\u201d<\/p>\n<p>A specific warning focused on the BTC price bet recently made by former Coinbase executive Balaji Srinivasan, who at the time called for a sky-high $1 million per Bitcoin within the next three months.<\/p>\n<p>Material Indicators added that liquidity reflects sentiment, having previously emphasized that such liquidity moves are apt to \u201cdampen\u201d price volatility.<\/p>\n<p><em>BTC\/USD order book data (Binance). Source: Material Indicators\/Twitter<\/em><\/p>\n<p>\u201cVery calm weekend coming up on Bitcoin,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, meanwhile continued. <\/p>\n<p>\u201cPrice action remained flat and the longer we stay in this range, the heavier the impulse will be. Based on the fact that we&#8217;re coming from $15K, I&#8217;d assume we&#8217;ll be seeing strong continuation. For now, support at $27,600 is sustaining.\u201d<em>BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/ Twitter<\/em><\/p>\n<p><strong><em>Related:\u00a0Zhu Su\u2019s exchange did $13.64 in volume akshually, Huobi in crisis: Asia Express<\/em><\/strong><\/p>\n<p>Popular trader and analyst Daan Crypto Trades shared the idea that a breakout for Bitcoin was all but guaranteed.<\/p>\n<p>\u201cMarket is boring, volatility is low. These kind of periods usually precede a large move,\u201d he summarized on the day.<\/p>\n<p>As Cointelegraph reported, in terms of the Bollinger bands volatility indicator, BTC\/USD is currently experiencing some of its least volatile intraday conditions of 2023 \u2014 a classic precedent for a breakout.<\/p>\n<p><em>BTC\/USD 1-day candle chart (Bitstamp) with Bollinger Bands. Source: TradingView<\/em><\/p>\n<h2>Fidelity: Stock market &#8220;will declare itself&#8221;<\/h2>\n<p>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 equiti.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin \u2018faces headwinds\u2019 as US money supply drops most since 1950s<\/em><\/strong><\/p>\n<p>While 2023 has seen a renaissance, he noted in Twitter analysis on April 7, the S&amp;P 500 has moved within a sideways range for nine months.<\/p>\n<p>&#8220;Where does the market go from here? As you can see, we&#8217;ve been treading choppy waters for a while now,&#8221; he summarized.<\/p>\n<p>Like Bitcoin, the S&amp;P 500 should be due a breakout sooner or later, with the direction nonetheless unclear and highly dependent on the\u00a0 Federal Reserve.<\/p>\n<p>&#8220;We are only three months into 2023, but already nine months into this big trading range (since the June low),&#8221; he concluded. <\/p>\n<p>&#8220;That\u2019s a long time, and sooner or later the market will declare itself in one direction or another.&#8221;<em>S&amp;P 500 annotated chart. Source: Jurrien Timmer\/ Twitter<\/em><\/p>\n<p class=\"post-content__disclaimer\">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.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-traders-expect-big-move-next-as-btc-price-flatlines-at-28k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) reduced its narrow trading range even further into April 8 as risk assets waited for fresh catalysts.\u00a0 BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Hopes for BTC price &#8220;impulse&#8221; to follow sideways action Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD hovering near $28,000 on Bitstamp. The pair continued sideways behavior into [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11384,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11383"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11383\/revisions"}],"predecessor-version":[{"id":11385,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11383\/revisions\/11385"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11384"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}