Originally published on: April 03, 2023
As BitcoinBTC$90,666 maintains a tight range around $28,000, experts anticipate an imminent surge in volatility. Despite recent fluctuations triggered by news of an OPEC+ oil production cut, Bitcoin’s price remains stable.
According to Material Indicators, significant liquidity on the Binance order book indicates a potential breakout. However, Twitter commentators note that the cryptocurrency is still trapped within a narrow trading range, with the equilibrium price (EQ) at $28,234 acting as a key resistance level.
While some analysts like Maartunn from CryptoQuant emphasize Bitcoin’s successful March monthly close as a bullish signal, others, like trader Rekt Capital, warn of a possible retracement. The broader market context, including mixed results in U.S. equities and a weakening U.S. Dollar Index (DXY), adds to the uncertainty surrounding Bitcoin’s future price action.
With conflicting opinions on Bitcoin’s next move, traders are advised to stay informed and prepared for potential market shifts. For more insights on cryptocurrency trends and investment opportunities, subscribe to the Markets Outlook newsletter today.
