$30K BTC price target remains valid as ‘boring’ Bitcoin enters US jobs data
Bitcoin (BTC) remained in a narrow trading range until April 7 as cryptoanalysts awaited the week’s key macroeconomic data from the US.
$30,000 or $25,000 for Bitcoin?
Data from Cointelegraph Markets Pro and TradingView confirmed another day’s variation around $28,000 for BTC/USD.
The pair had avoided volatility for most of the week, but now faced nonfarm payroll (NFP) figures as a final potential catalyst for risk assets.
“The expectation is that we will see 3.6%, the same as last month. Based on the economic figures for this week, I would rather expect 3.7-3.8%,” Michaël van de Poppe, founder and CEO of trading company Eight, in summary about his expectations.
“Result; $DXY down, $BTC unchanged and indices down/up depending on how far the outlier will be.”
A new Twitter post argued that $30,000 remained on the table if bulls were to protect current support levels.
“Bitcoin remains in a dull state of mind. Consolidating for weeks, while old altcoins break out,” he continued.
“I’m still looking at support here, which $27,600 needs to sustain. If it is lost, $25,000-25,400 seems likely. Holding here through NFP -> $30,000 next.”
Related: $1.12B in Bitcoin Options Expires This Week, and Bulls Seem to be at a Disadvantage
Fellow trader Crypto Tony agreed that the current trading range could still prove sticky.
“I bet we’re going to be staring at this area for a while. If we get a while and Alts start running, it just confirms that the flow of capital is moving,” forecast on the day.
Popular trader Anbessa showed similar downside targets as Van de Poppe, eyes $27,940 as an important intraday level to defend.
Bollinger Bands Alert BTC Price Volatility
Examining volatility, meanwhile, popular analyst HornHairs noted that Bollinger bands provided a telltale sign that calm conditions were about to break.
Related: Bitcoin ‘Faces Headwinds’ as US Money Supply Shrinks Most Since 1950s
“Bitcoin volatility contraction is as tight as it has been all year. The battles will start shortly. Dust off your weapons of choice for the volatility ahead,” he advised.
An accompanying chart confirmed that the Bollinger bands are “squeezing” around the spot price, reflecting the current tight range, with the implication that a challenge to the upper or lower band should begin soon.
As Cointelegraph reported, 2023 has been a year of contrasting volatility phenomena, with BTC/USD gaining 40% in January but ending February almost exactly at its starting position.
The upside for March was a total of 23%, while in April, Bitcoin is currently down 2.3%, according to statistics from Coinglass.
The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
