Bitcoin (BTC) remained within a narrow trading range on April 8 as risk assets awaited fresh catalysts. BTC/USD was hovering close to $28,000 on Bitstamp, exhibiting sideways behavior after a relatively uneventful Wall Street trading week. Despite calls for $25,000 and $30,000 as near-term targets, increasing order book liquidity on either side of the spot price constrained market movement. This liquidity remained in force on April 8. Monitoring resource Material Indicators cautioned against assuming any imminent price targets for Bitcoin, Ether, Dogecoin, or any other altcoin, emphasizing that these remain some of the riskiest assets, and nothing is guaranteed. Liquidity reflects sentiment and is likely to “dampen” price volatility. Michaël van de Poppe, founder and CEO of trading firm Eight, believes a very calm weekend is coming up for Bitcoin, but the longer the market stays in this range, the heavier the impulse will be. A breakout for Bitcoin is all but guaranteed and is likely to precede a large move, according to popular trader and analyst Daan Crypto Trades. In 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. Looking at the wider macro environment, Jurrien Timmer, director of global macro at asset manager Fidelity Investments, drew similar conclusions about United States equities, noting that the S&P 500 has moved within a sideways range for nine months. 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.
Bitcoin traders expect ‘big move’ next as BTC price flatlines at $28K
