Blockchain

Bitcoin (BTC) narrowed volatility on April 30 as the weekly and monthly candle closes loomed.

Trader sees BTC price upside capped at $32,500

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it loitered just above $29,000 throughout the weekend.

After unsettled price action earlier in the week, Bitcoin returned to sideways trading, with markets witnessing an eerie calm despite the potential for volatility thanks to lower weekend liquidity.

As such, traders were hopeful that no unwelcome surprises would greet the candle closes.

“Nothing has changed,” popular trader Elizy summarized in part of recent Twitter analysis of the 3-day chart.

Elizy eyed a potential upside target of up to $32,500 in the event of a breakout, while the loss of a key trend line below spot price would be cause to “become really bearish.”

Fellow trader known as J focused on the monthly close, noting that BTC/USD now sat at a historically significant point based on behavior from throughout its current halving cycle.

“On the monthly, we can see Bitcoin has rallied into the 2021 lows, which is a major resistance + supply area,” he summarized.

As part of the longer-term roadmap, the largest cryptocurrency should see “Chop + slightly down during May – Sep/Oct,” J added, before performance picks up.

“Good luck bears”

With little to work with on lower timeframes, others also resorted to examining strength on the weekly chart and higher.

Related: Bitcoin price holds $29K as US PCE data sparks 90% Fed rate hike bets

Among them was analyst Moustache, who noted support holding above key exponential moving averages (EMAs) in a manner similar to that which preceded major upside in previous years.

“Imagine being bearish on BTC even though it has been forming support ABOVE the EMA ribbon bands for several weeks. Good luck bears,” he commented.

Last week, Moustache argued that “smart money” had already built BTC positions and was now waiting for the real upside to kick in.

At current spot price of $29,267, Bitcoin would go some way to canceling out the prior weekly candle losses were it to close without last-minute volatility.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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