As Bitcoin approaches the end of April, the market witnesses its price barely moving, thus offering little in terms of short-term clues on the potential trajectory. BTC/USD has been lingering just above $29,000 throughout the weekend, returning to sideways trading after unsettled price action earlier in the week. Despite the potential for volatility due to lower weekend liquidity, traders remain hopeful for no unwelcome surprises as the weekly and monthly candle closes loom.
Popular trader Elizy sees a potential upside target of up to $32,500 in case of a breakout, while the loss of a key trend line below spot price might cause her to “become really bearish.” On the other hand, the trader known as J focuses on the monthly close, noting that BTC/USD is at a historically significant point based on behavior from throughout its current halving cycle. According to J, the largest cryptocurrency should see “chop + slightly down during May-Sep/Oct” before performance picks up.
Some traders have also resorted to examining strength on the weekly chart and higher, looking at how support holds above key exponential moving averages (EMAs). Analyst Moustache, for example, posited that “smart money” had already built BTC positions and was now waiting for the real upside to kick in. With the current spot price of $29,267, Bitcoin could cancel out the prior weekly candle losses if it closes without last-minute volatility.
The pros and cons in this situation are evident. On the one hand, the eerie calm may signal that the market is more stable and less subject to unwelcome surprises. On the other hand, it could represent a period of uncertainty, with traders unsure of their next moves and hesitant to commit to a specific direction. The main conflict in the article revolves around traders’ expectations for the future direction of Bitcoin’s price, either continuing to demonstrate stability or experiencing significant volatility.
In conclusion, Bitcoin’s current sideways dance appears to reflect a mix of eerie calm and market hopes, as traders try to predict how the market will behave during this crucial weekend. While some see upside potential, others are looking at previous trends to determine what the coming months might bring. As the market awaits the weekly and monthly candle closes, understanding the potential implications of these trends is crucial to navigating the world of cryptocurrencies.