As Bitcoin struggles below $28,000, analysts say it’s only a matter of time before Bitcoin breaks. According to clues from the Binance order book, sooner or later BTC will make a decision.
“Watch the carpets” for Bitcoin
cryptocoin.comAs you follow, Bitcoin is watching below 28,000 thousand dollars. The weekend had ended on an erratic note as news of the OPEC+ oil production cut rounded crypto before a rebound during the Asian trading session. In an environment of no clear direction, analytics resource Material Indicators says there is substantial liquidity on both sides of the spot price in the Binance order book. In part of a new Twitter post, “We still have no confirmed breakouts or collapses. We only have rejected attempts that make the price fluctuate in this range. It’s only a matter of time before one side is broken. Watch the carpets,” he comments.
Popular trader Crypto Chase acknowledges that BTC price action remains stagnant. Chase sums it up as the “range limit,” referring to the equilibrium price (EQ) of $28,234, the midpoint of the upper and lower bounds of the trading range over the weekend. In this context, the analyst makes the following statement:
EQ range has been providing support for the last 4 days. Bulls want to see acceptance/daily close above 28.9K for expansion. The bears seek a significant close below the EQ range. At this point, support before the EQ could turn into price-sending resistance to retest the lower range.
Others were more categorical in their market assessments. Maartunn, a contributor to on-chain analytics platform CryptoQuant, looks to longer timeframes to highlight the success of the March monthly close.
In contrast, trader and analyst Rekt Capital warns that a reversal could be imminent.
Bitcoin (BTC)’s next target
After Bitcoin successfully broke the $28,000 psychological level, it paused its uptrend. However, several cryptocurrency analysts have identified certain chart patterns that indicate that the decentralized finance (DeFi) asset is on a bullish rally in the near future. One of them, popular crypto analyst Moustache, noticed that Bitcoin recently made “another weekly close over the sampling period in the Gaussian Channel.” The analyst interpreted this as a “good sign,” as he explained in a tweet posted on April 3.
As the crypto market expert further clarified, Bitcoin appears to be forming “support to break the next target from here”. Also, the analyst advises patience as the price consolidates and expresses the view that $30,000 or more is “just a matter of time”.
The crypto expert’s stance is shared by other analysts, including CryptoYoddha, who shared a bullish chart analysis showing Bitcoin’s past movements and future predictions. The analyst sets Bitcoin’s course as follows: it looks at the $30,000 area at the end of April, continues to $37,000 in May, and moves towards $57,000 as the year-end approaches, interrupted by a few drops in between.
Prepare yourself for April’s rollercoaster ride
Bitcoin and crypto markets outperformed the global equity market in the first quarter of 2023. Bitcoin gained nearly 70% in Q1 and regained half a trillion in market value after heavy liquidations last year. However, Bitcoin price is down 2.5 percent in the early Asian market in the last 24 hours to trade around $27.7k.
Liquidity is a crucial factor in the crypto market as it is the best barometer for the state of crypto health for most analysts. Moreover, the altcoin market has a significant correlation with Bitcoin’s liquidity. Liquidity has become even more critical as governments and institutional investors enter the crypto market. Kaiko’s Conor Ryder comments:
This is more an indication of the reluctance to offer liquidity in the institutional sense. Many crypto firms do not want to be caught in the middle of a war between US regulators and exchanges.
Despite the recent Bitcoin surge, Coinglass’s aggregate market data shows that the total balance on exchanges is decreasing. Gemini crypto exchange has recorded the highest outflows in the last 30 days, with more than 19,000 Bitcoins withdrawn. Crypto analyst Ali Martinez comments:
Bitcoin on-chain data from Cryptoquant reveals that 46,000 BTC worth around $1.24 billion have emerged from crypto exchange wallets in the past 10 days.
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