Bitcoin was stuck in a tight trading range on April 7, as crypto analysts await key U.S. macroeconomic data this week.
BTC 4-hour chart | Source: TradingView
Is Bitcoin $30,000 or $25,000?
Data from TradingView confirmed that Bitcoin had an extra day of range-bound trading around $28,000.
The U.S. just reported that the unemployment rate was 3.5%, lower than the expected 0.1%. The economy added 236,000 jobs in March, beating expectations for a gain of 228,000. While the figure was better than expected, it still marks a slow pace of job growth compared with December 2020 and comes as the Federal Reserve tries to slow labor demand to lower inflation.
Source: CNBC
Also, average hourly earnings for workers rose 0.3% in March, in line with previous forecasts. That could weigh on commodity prices, as worker wages remain low relative to inflation.
Source: Forex Factory
According to CME Group’s FedWatch tool (here), as of 19:25 on April 7, 43.9% expect the Fed to stop raising interest rates at its upcoming May meeting, and 56.1% expect a 0.25% hike.
Source: CME Group
Bitcoin prices were flat for most of the week, but now face non-farm payrolls (NFP) employment and wages data as the final potential catalyst for risk assets.
Analyst Michael van de Poppe believes $30,000 remains to be seen if the bulls defend the current support level.
“Bitcoin is still boring. Consolidating for weeks while old altcoins are exploding. I’m still looking for the support I need to hold at $27,600. If that’s not possible it could be $25,000-25,400.” On NFP Stay here for the duration of the report and head towards the next $30,000.”
source: Michael Vanderpope
Trader Crypto Tony also agrees that, regardless, the price is sticking to the current trading range.
“I bet we’ll be staring at this range for a while. If we trade in a range for a while and altcoins start to rise, it’s a confirmation that money is flowing.”
source: Crypto Tony
Popular trader Anbessa has similar downside targets to Van de Poppe, seeing $27,940 as an important intraday level to defend.
Bollinger Bands Signal Bitcoin Price Trend
Meanwhile, prominent analyst HornHairs looks at volatility Comment The Bollinger Bands are signaling that “calm wind” conditions are about to be broken.
“Bitcoin volatility has shrunk to its lowest level so far this year. The race is on soon. Prepare your weapon of choice for the upheaval ahead.”
The accompanying chart confirms that the Bollinger Bands are “squeezing” around the spot price, reflecting the current narrow range, suggesting that a test of the upper or lower band will begin soon.
BTC 1-day chart and Bollinger Bands | Source: TradingView
According to reports, 2023 is a year of mixed volatility, as BTC rallied 40% in January, but was almost flat with its level by the end of February.
According to statistics, the total increase in March was 23%, while in April, Bitcoin is currently down 2.3%. coin glass.
Bitcoin Monthly Profit Chart | Source: Coin Glass
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As reported by Cointelegraph
