{"id":17720,"date":"2023-04-03T17:27:29","date_gmt":"2023-04-03T17:27:29","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-breakout-matter-of-time-says-analysis-with-btc-price-at-28k\/"},"modified":"2023-04-03T17:27:31","modified_gmt":"2023-04-03T17:27:31","slug":"bitcoin-breakout-matter-of-time-says-analysis-with-btc-price-at-28k","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-breakout-matter-of-time-says-analysis-with-btc-price-at-28k\/","title":{"rendered":"Bitcoin breakout \u2018matter of time\u2019 says analysis with BTC price at $28K"},"content":{"rendered":"
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Bitcoin (BTC) stayed tightly rangebound at the April 3 Wall Street open as analysts counted down to volatility.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

\u201cWatch for rugs\u201d on BTC<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView\u00a0followed BTC\/USD as it lingered around $28,000 on Bitstamp.<\/p>\n

The weekend had finished on an erratic note as news of an OPEC+ oil production cut sent crypto tumbling before a rebound during the Asia trading session.<\/p>\n

Amid a lack of clear direction, monitoring resource Material Indicators flagged<\/a> significant liquidity on either side of spot price on the Binance order book.<\/p>\n

\u201cWe still don\u2019t have a confirmed breakout or breakdown, only rejected attempts which have kept price chopping in this range,\u201d part of fresh Twitter commentary added.<\/p>\n

\u201cIt\u2019s only a matter of time until one side breaks. Watch for rugs.\u201d<\/p><\/blockquote>\n

BTC\/USD order book data (Binance). Source: Material Indicators\/Twitter<\/em><\/figcaption><\/figure>\n

Popular trader Crypto Chase agreed that BTC price action remained stagnant.<\/p>\n

\u201cRange bound,\u201d he summarized<\/a>, referring to the equilibrium price (EQ) at $28,234 \u2014 the midpoint of the upper and lower bounds of the trading range \u2014 holding over the weekend. <\/p>\n

\u201cRange EQ providing support for the past 4 days. Bulls want to see acceptance \/ daily close above 28.9K for expansion. Bears want a significant close below range EQ. At that point, prior support from EQ could flip to resistance sending price to retest range low.\u201d<\/p><\/blockquote>\n

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BTC\/USD annotated chart. Source: Crypto Chase\/Twitter<\/em><\/figcaption><\/figure>\n

Related: US enforcement agencies are turning up the heat on crypto-related crime<\/em><\/strong><\/p>\n

Others were more categorical in their market appraisals. Maartunn, a contributor at on-chain analytics platform CryptoQuant, turned to longer timeframes to place emphasis on the success of the March monthly close.<\/p>\n

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Bitcoin has confirmed a break-out from a multi-month consolidation, and funding rates are negative pic.twitter.com\/vBs7ipK8hw<\/a><\/p>\n

\u2014 Maartunn (@JA_Maartun) April 3, 2023<\/a><\/p><\/blockquote>\n

By contrast, trader and analyst Rekt Capital warned that a retracement could be imminent.<\/p>\n

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#BTC<\/a> continues to struggle at the Higher High resistance (black)$BTC<\/a> will continue to be non-trending as it consolidates between the Higher High resistance & the green support at $27,000<\/p>\n

Drop into green could occur soon<\/p>\n

Lose that -> deeper retrace confirmed#Crypto<\/a> #Bitcoin<\/a> https:\/\/t.co\/8sG1jswkDr pic.twitter.com\/lsqDlenUpS<\/a><\/p>\n

\u2014 Rekt Capital (@rektcapital) April 3, 2023<\/a><\/p><\/blockquote>\n

DXY heads lower after brief comeback<\/h2>\n

On macro, United States equities showed mixed results at the open, with the S&P 500 treading water and the Nasdaq Composite Index down 0.8%.<\/p>\n

Related:\u00a0BTC price double top forming? 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n

The U.S. Dollar Index (DXY), having initially benefitted from the OPEC+ announcement, continued falling through the day, at one point wicking below 102, almost matching two-month lows.<\/p>\n

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U.S. Dollar Index (DXY) 1-day candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

\u201cDXY has been rejected at its 50-week moving average,\u201d analytics account Game of Trades noted<\/a> the day prior. <\/p>\n

\u201cA bearish rejection on the MACD has increased the probability for further downside.\u201d<\/p><\/blockquote>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n