While BTC price stabilizes at $28,000, a ‘big move’ is expected in the next step. 4 crypto analysts listed developments and technical levels to watch out for for BTC, ETH and DOGE ahead of the weekend.
Pay attention to these developments over the weekend for BTC, ETH and DOGE
Data from TradingView shows BTC approaching $28,000 again. Despite calls for $25,000 and $30,000 to be entered as short-term targets, increasing order liquidity on both sides of the spot price seems to be giving the market less and less room to maneuver.
This liquidity remained in effect for the day with tracking resource Material Indicators capturing the phenomenon in the Binance orderbook.
“If you think ANY price target for BTC, ETH, DOGE or any other altcoin is imminent, you are wrong… The ONLY guarantee in crypto is that they are among the riskiest assets and NOTHING IS GUARANTEED,” Material Indicators wrote in a cautionary tone to investors.
One particular caveat focused on the BTC price bet made recently by former Coinbase executive Balaji Srinivasan, who at the time demanded a very high $1 million per Bitcoin over the next three months. Material Indicators previously emphasized that such liquidity movements tend to “reduce” price volatility, adding that liquidity reflects sentiment.
Michael van de Poppe
“A very quiet weekend is approaching for Bitcoin,” continued popular crypto analyst Michaël van de Poppe. In his analysis, he talked about the success of Bitcoin maintaining key support levels:
Price action has held steady and the longer we stay in this range, the heavier the impulse will be. Based on the fact that we came in at $15,000, I assume we’re going to see strong continuation. For now, $27,600 support remains.
Daan Crypto Trades
Popular trader and analyst Daan Crypto Trades shared the idea that a breakout for Bitcoin is almost guaranteed. “The market is boring, volatility is low. Such periods often precede a big move,” he summed up the day.
Meanwhile, in terms of Bollinger bands volatility, BTC/USD is currently experiencing some of the least volatile intraday conditions of 2023.
Jurrien Timmer
Jurrien Timmer, global director of macros at asset manager Fidelity Investments, drew similar conclusions about US stocks by taking a look at the broader macro environment. In his Twitter analysis on April 7, he noted that while 2023 is experiencing a renaissance, the S&P 500 has been moving in a horizontal range for nine months.
Like Bitcoin, the S&P 500 must make an exit sooner or later, though the direction is uncertain and largely dependent on the Fed. According to Timmer, “We’re only three months into 2023, but we’re already nine months into this huge trading range. This is a long time, and sooner or later the market will declare itself in one direction or another.
cryptocoin.comAs you follow, the US non-farm employment and unemployment data released on Friday did not have a big impact on BTC and the market. After briefly falling to $27,700, Bitcoin regained $28,000 today.
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