Bitcoin (BTC) narrowed its narrow trading range even further into April 8 as risk assets awaited new catalysts.
Hoping for BTC price “impulse” to follow sideways action
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $28,000 on Bitstamp.
The pair continued sideways behavior into the weekend after the trading week on Wall Street offered few surprises.
Despite calls for $25,000 and $30,000 to enter as near-term targets, growing order book liquidity on either side of the spot price appeared to be giving the market increasingly less wiggle room.
This liquidity remained in effect on the day, with monitoring of resource material indicators prisoner phenomenon on the Binance order book.
“If you think ANY BTC, ETH, DOGE or other altcoin price targets are imminent, you are wrong,” it wrote, taking a cautionary tone in accompanying comments.
“The ONLY guarantee in crypto is that these are among the riskiest of risk assets and NOTHING IS GUARANTEED.”
One specific warning focused on the BTC price bet recently made by former Coinbase CEO Balaji Srinivasan, who at the time called for a sky-high $1 million per Bitcoin within the next three months.
Material Indicators added that liquidity reflects sentiment, after stressing that such liquidity movements are apt to “subdue” price volatility.
“Very quiet weekend approaching on Bitcoin,” Michaël van de Poppe, founder and CEO of trading firm Eight, meanwhile continued.
“Price action remained flat, and the longer we stay in this area, the heavier the momentum becomes. Based on the fact that we’re coming from $15K, I’d guess we’ll see a strong continuation. For now, support is holding at $27,600.” “
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Popular trader and analyst Daan Crypto Trades shared the idea that a breakout for Bitcoin was almost guaranteed.
“The market is dull, volatility is low. Such periods usually precede a big move,” he said in summary on the day.
As Cointelegraph reported, in terms of the Bollinger Bands volatility indicator, BTC/USD is currently experiencing some of the least volatile intraday conditions of 2023 – a classic precedent for a breakout.
Fidelity: The stock market “will declare itself”
Taking a look at the broader macro environment, Jurrien Timmer, director of global macro at asset manager Fidelity Investments, drew similar conclusions about US stocks.
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While 2023 has had a renaissance, he has noted in Twitter analysis April 7, the S&P 500 has moved within a sideways range for nine months.
“Where does the market go from here? As you can see, we’ve been treading choppy waters for a while now,” he summed up.
Like Bitcoin, the S&P 500 should be due for a breakout sooner or later, with the direction still unclear and highly dependent on the Federal Reserve.
“We’re only three months into 2023, but already nine months into this big trading range (since the June low),” he concluded.
“It’s a long time, and sooner or later the market will declare itself in one direction or another.”
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.