Bitcoin stays stuck in an ever-decreasing trading range, but market participants are already eyeing a potentially explosive resolution for BTC price. Bitcoin reduced its narrow trading range even further into April 8 as risk assets waited for fresh catalysts.
Data from TradingView showed BTC/USD hovering near $28,000 on Bitstamp.
The pair continued sideways behaviour into the weekend after the Wall Street trading week offered few surprises.
Despite calls for $25,000 and $30,000 to enter as near-term targets, increasing order book liquidity either side of spot price appeared to offer the market increasingly little room for manoeuvre.
This liquidity remained in force on the day, with monitoring resource Material Indicators capturing the phenomenon on the Binance order book.
“If you think ANY price target for BTC, ETH, DOGE or any other altcoin is imminent, you are mistaken,” it wrote, adopting a cautionary tone in accompanying comments.
“The ONLY guarantee in crypto is that these are among the riskiest of risk assets and NOTHING IS GUARANTEED.”
A specific warning focused on the BTC price bet recently made by former Coinbase executive Balaji Srinivasan, who at the time called for a sky-high $1 million per Bitcoin within the next three months.
Material Indicators added that liquidity reflects sentiment, having previously emphasized that such liquidity moves are apt to “dampen” price volatility.
