Bitcoin (BTC) has, yet again, stuck to a narrow trading range near $28,000 as crypto analysts eagerly await the US macroeconomic data of the week. The anticipation of nonfarm payroll numbers has created a potential catalyst for risk assets. Michaël van de Poppe, founder and CEO of Eight trading firm, suggested that the report might offer between 3.6%-3.8%. Moving forward, if the bulls are able to protect the current support levels, $30,000 remains a reasonable target.

The 'boring' nature of Bitcoin has, however, paved the way for 'old' altcoins to gain traction and break out of their respective trading ranges. Fellow trader Crypto Tony suggests that the range of prices we've been seeing, and the obvious movement of capital, could mean that the range may stick around for some time. Similarly, trader Anbessa identified $27,940 as an important intraday level that bulls need to protect.

HornHairs offered another perspective, noting that the narrowing of the Bollinger Bands indicates that a break from the current calm state of play is to be expected. If the current situation persists, this could be the first sign of a heightened volatility ahead.

So far, 2023 has been a year of contrasting volatility, with Bitcoin’s value growing by 40% in January, but steadying to end February at its initial point. In March, BTC/USD jumped 23%. April is currently down by 2.3%. Achieving $30,000 and beyond will require further support levels to be met. As the market awaits the upcoming US economic report, it remains to be seen whether Bitcoin will continue to remain 'boring' or find energy to break out of its trading range.



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