{"id":3723,"date":"2022-04-28T08:02:12","date_gmt":"2022-04-28T08:02:12","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=3723"},"modified":"2022-04-28T08:02:12","modified_gmt":"2022-04-28T08:02:12","slug":"bitcoin-set-for-volatile-monthly-close-after-btc-price-checks-all-boxes-for-major-move","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=3723","title":{"rendered":"Bitcoin set for volatile monthly close after BTC price &#8216;checks all boxes&#8217; for major move"},"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) has reentered its most significant lifelong consolidation zone but could still crash to a \u201cmacro bottom,\u201d new research warns.<\/p>\n<p>In a Twitter thread on April 27, on-chain analytics platform Material Indicators shone a light on the importance of $38,000 for BTC price action.<\/p>\n<h2>Bitcoin circles all-important point of control<\/h2>\n<p>After lingering near liquidity at or above $37,700 on intraday timeframes, data from Cointelegraph Markets Pro and TradingView\u00a0shows, BTC\/USD has yet to make a clear move up or down, and traders have been left guessing which way the market will go.<\/p>\n<p>Macro factors are demanding further downside, as the impact of inflation and geopolitical strife is clearly felt on equities markets.<\/p>\n<p>At the same time, on-chain signals are anything but bearish, led by miners and their ever-increasing investment in hash rate.<\/p>\n<p>Whether short or long timeframe, however, $38,000 forms a critical historical price for Bitcoin.<\/p>\n<p>\u201cSince the breakout from $20k in Dec &#8217;20, BTC has consolidated in this range more than any other,\u201d Material Indicators explained.<\/p>\n<p>It added that the \u201cpoint of control\u201d \u2014 essentially the price level with the highest volume \u2014 now sits at \u201cprecisely\u201d where spot price is currently acting.<\/p>\n<p>Where Bitcoin could go from here, however, is not obvious given this month\u2019s price trend. Analyzing the 3-day chart, Material Indicators noted both bullish and bearish patterns repeating themselves this week alone.<\/p>\n<p>These involve the 50-period, 100-period and 200-period moving averages on the 3-day chart.<\/p>\n<p>\u201cZooming in slightly to the 3 Day chart reveals that 3-Day 50MA crosses below the 100 3-Day MA have triggered rallies and interaction with the 3-Day 200 MA has either led to a rally or breakdown to the macro bottom,\u201d it noted. <\/p>\n<p>\u201cBTC has checked all of those boxes this week.\u201d<em>BTC\/USD 3-day candle chart (Bitstamp) with 50, 100, 200 MA. Source: TradingView<\/em><\/p>\n<h2>Lost moving averages stack up<\/h2>\n<p>Regardless of direction, volatility is all but guaranteed thanks to the upcoming monthly close. At present, BTC\/USD is set to close April $6,000 lower than where it started.<\/p>\n<p><strong><em>Related:\u00a0Ex-BitMEX CEO explains how Bitcoin will have hit $1 million by 2030<\/em><\/strong><\/p>\n<p>As Cointelegraph previously reported, the weekly chart produced the first four-period red candle set since June 2020 on last Sunday\u2019s close.<\/p>\n<p>Two key weekly moving averages meanwhile repeated a rare trend, which twice sparked a 50% BTC price drawdown this week.<\/p>\n<p>Concluding, Material Indicators brought whales into the picture. In addition to now lying below all three aforementioned moving averages, whale buying and selling behavior at this crucial point is key to determining future trajectory.<\/p>\n<p>\u201cUntil BTC reclaims the key moving averages these are considered distribution rallies used to sell the rip or add to short positions,\u201d it wrote. <\/p>\n<p>\u201cExpect more volatility coming into the Monthly close\/open. Will look for a new Trend Precognition signal on the Monthly chart then.\u201d<em>BTC\/USD order book chart (Binance) with key whale zone highlighted. Source: Material Indicators\/ Twitter<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\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-set-for-volatile-monthly-close-after-btc-price-checks-all-boxes-for-major-move\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) has reentered its most significant lifelong consolidation zone but could still crash to a \u201cmacro bottom,\u201d new research warns. In a Twitter thread on April 27, on-chain analytics platform Material Indicators shone a light on the importance of $38,000 for BTC price action. Bitcoin circles all-important point of control After lingering near liquidity [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-3723","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\/3723","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=3723"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3723\/revisions"}],"predecessor-version":[{"id":3725,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3723\/revisions\/3725"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/3724"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}