Cryptocurrency traders are waiting for the next big move, as Bitcoin (BTC) price remained flat at $28,000 according to data from Cointelegraph Markets Pro and TradingView. The narrow trading range in the market has come to a standstill due to the lack of market catalysts. Despite some calls for Bitcoin to reach either $25,000 or $30,000, order book liquidity on either side of the spot price has left the market with little room for further movement. This was summarized on the Binance order book by Material Indicators, who warned against making predictions and price targets. The former Coinbase executive, Balaji Srinivasan, had recently predicted a sky-high $1 million for Bitcoin in the coming three months - although this proved to be controversial and was met with caution from market observers.

Trader and analyst, Daan Crypto Trades, shared the idea that a breakout from this stationary period should happen soon, with Michaël van de Poppe, founder and CEO of trading firm Eight also calling it a calm weekend. This is highlighted by the relative lack of volatility, which is currently at some of the lowest levels of the year, according to the Bollinger bands indicator.

Jurrien Timmer, director of global macro at asset manager Fidelity Investments, had similar views when looking at S&P 500 equity, noting the flat period had been in place since June 2020. Timmer concluded that a breakout should be due soon, however,the direction of the move was dependent on the Federal Reserve.

It can be seen that while the lack of signals makes it hard to know when the next big move may come, it’s certain that it is coming soon. In the meantime,all that’s left for traders to do is observe the markets, rather than try to predict them, and be ready for when the market does make its move.



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