Bitcoin traders' bids are much lower than those expected to rise rapidlyDue to BTC's efforts to find solid support, volatility remains lowDue to numerous influencing factors, from macroeconomic conditions to global regulatory changes, Bitcoin [BTC] has chosen to adhere to integration in the past few days. During this period, the gold coin successfully fell below $28000
Bitcoin traders' bids are much lower than those expected to rise rapidly
Due to BTC's efforts to find solid support, volatility remains low
Due to numerous influencing factors, from macroeconomic conditions to global regulatory changes, Bitcoin [BTC] has chosen to adhere to integration in the past few days. During this period, the gold coin successfully fell below $28000.
At certain times, its value remains above that of the region, just as it is at the time of publication. But will it continue its recent breakthroughs and soar to new heights, or is it about to retreat?
If there are bears, then bulls
Traders' predictions of price trends seem to be divided. According to MaterialIndicators, a cryptocurrency market data provider, a liquidity inflow of $29000 to $30000 is required.
This means that many traders expect the lowest BTC price that sellers can accept to be near the aforementioned area.
On the contrary, MaterialIndicators also showed that the bid fell to $27600. This means that the person in that position expects the highest purchase price to be within the region.
According to data obtained from Coinglas, the price difference between long and short positions is very close. Despite having the most short positions, the BTC long short ratio is 1.01.
This indicates that market participants are slightly bullish on prices. Nevertheless, this close relationship reflects investors' skepticism towards long and short selling.
Michael van de Poppe, Bitcoin trader and CEO of EightGlobal, provided his forecast for BTC's next stop. According to him, the price of Bitcoin exceeding $27900 may become a catalyst for it to reach $30000.
According to the four hour chart, BTC has been swaying between support and resistance since April 1st. Therefore, this may make it difficult for traders to determine the specific pattern to follow.
But with the contraction volatility shown by the Bollinger Band (BB), if the price trend can remain at the same level, it may be easy to detect. However, BTC prices seem to be moving towards reaching the upper limit. If it reaches this price level, it will be an overbought signal of $28660.
The price may eventually deviate from the target of $30000 for another attempt. As for its momentum, the True Shock Index (AO) is still below the equilibrium point of 212.02. This indicates that there may be a bearish trend, which puts the seller in a controlling position.
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