Bitcoin breakout ‘matter of time’ says analysis with BTC price at $28K
Bitcoin (BTC) remained closely ranged at the April 3 Wall Street open as analysts downplayed volatility.
“Look for blankets” on BTC
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it hovered around $28,000 on Bitstamp.
The weekend ended on an erratic note as news of an Opec+ oil production cut sent the crypto tumbling ahead of a rebound during the Asian trading session.
Amid lack of clear direction, monitoring of resource material indicators the flag significant liquidity on either side of the spot price in the Binance order book.
“We still don’t have a confirmed breakout or breakdown, just rejected attempts that have kept prices in this range,” added some recent Twitter commentary.
“It’s only a matter of time before one side breaks. Look for rugs.”
Popular trader Crypto Chase agreed that BTC price action remained stagnant.
“Range bound,” he in summaryciting the equilibrium price (EQ) of $28,234 – the midpoint of the upper and lower limits of the trading range – held over the weekend.
“Range EQ provides support for the last 4 days. Bulls want to see acceptance / daily close above 28.9K for extension. Bears want a significant close below range EQ. At that point previous support from EQ could turn to resistance send price to test on new low range.”
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Others were more categorical in their market assessments. Maartunn, a contributor at chain analysis platform CryptoQuant, turned to longer timeframes to emphasize the success of the March month-end.
In contrast, trader and analyst Rekt Capital warned that a retracement could be imminent.
DXY heads lower after brief comeback
On the macro front, US stocks were mixed at the open, with the S&P 500 flat and the Nasdaq Composite Index down 0.8%.
Related: BTC Price Double Top Forming? 5 things to know in Bitcoin this week
The US dollar index (DXY), having benefited from the Opec+ announcement, continued to fall through the day, at one point below 102, nearly matching a two-month low.
“DXY has been rejected at its 50-week moving average,” analytics account Game of Trades noted the day before.
“A bearish rejection of the MACD has increased the likelihood of further downside.”
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