BTC Price Figures at $28K as Traders Eye Major Move! Here’s how Bitcoin will work next week

After the recent release of US jobs data, many BTC traders expect a significant upside. Over the past few days, Bitcoin’s price has shown sideways movement, leaving investors anxiously awaiting a potential breakout in the coming week. However, several on-chain data points are now signaling bullish indicators, which could soon restore investor confidence and drive the price above the $30K threshold.

Bitcoin’s On-Chain Metrics Suggest Bullish Trend

Bitcoin’s price has experienced an impressive 30% increase over the past 30 days, reclaiming the critical $28K level. But traders are now eagerly awaiting BTC’s next price jump to break through the $30K barrier.

On-chain indicators appear to be favorable for Bitcoin (BTC), even amid the leading digital asset’s sideways price movement this week, as reported by crypto analytics firm Glassnode. Glassnode closely monitors the mining fee revenue momentum metric, which measures increasing demand in the BTC market.

The research firm indicates that the calculation currently shows signs of increasing demand for Bitcoin. The firm stated that the 90-day Simple Moving Average (SMA) for fees surpassed its yearly average recently, indicating that new demand is entering the market.

The firm revealed that open interest in Bitcoin options contracts has surpassed that of futures contracts for the first time. Bitcoin Options contracts are currently around $10.3 billion, while futures contracts amount to $10 billion.

Glassnode also noted that Futures Open Interest has remained relatively stable in 2023. The recent increase in call options suggests that investors are speculating on a higher Bitcoin price in the future.

Also, another crypto analysis firm, Santiment, reports that Bitcoin traders are currently trading losses with double profits, which the firm considers a positive development for the market.

Is BTC price approaching $30K next week?

Bitcoin’s value has hovered below the $29,000 mark in recent days, with experts expressing mixed opinions about its immediate future. Some analysts predict a potential rise to $30,000, while others claim it may have reached a temporary peak.

A symmetrical triangle has appeared near $29,000 in the Bitcoin chart, indicating an equal level of uncertainty among bullish and bearish traders regarding BTC’s upcoming price movement.

At the time of writing, Bitcoin is trading at $28K, up 0.37% from yesterday’s performance. Analyzing the daily price chart, bulls seem to have a slight advantage, as evidenced by the upward trending 20-day EMA ($27,465) and the relative strength index (RSI) above 55.

If Bitcoin rises above $29,000 by Monday, it could continue its climb and reach the projected bullish target of $30,000. However, a bearish reversal below the EMA-20 would send the asset to test the support near $27K.