Bitcoin Price Stable as April Closes with BTC at $29K

  • Bitcoin (BTC) price has been stable, hovering just above the $29,000 mark.
  • Traders are hopeful that no unwelcome surprises will greet the candle closes.
  • Analysts have predicted potential upside targets of up to $32,500.

Price Movement Has Been Calm Despite Potential for Volatility

Bitcoin (BTC) has been trading in a narrow range as it approaches the end of April. Despite the potential for volatility due to lower weekend liquidity, markets have remained calm. Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD hovering just above $29,000 throughout the weekend.

“Good Luck Bears” – Analysts Eye Upside Targets

In light of Bitcoin’s current behaviour during its halving cycle, some analysts are predicting an upside target of up to $32,500 if there is a breakout. Popular trader Elizy noted that should Bitcoin lose a key trend line below spot price then traders should become ‘really bearish’. Fellow trader J suggested that Bitcoin should see ‘Chop + slightly down during May – Sep/Oct’, before performance picks up again. Analyst Moustache commented on support holding above key exponential moving averages (EMAs), noting “Good luck bears”.

Watching for Unwelcome Surprises at Candle Close

With no clear price clues on the trajectory in the short-term, traders are watching closely for any unexpected movements as both weekly and monthly candles close. They remain hopeful that no unwelcome surprises will greet these candle closes and cause further volatility in the market.

Conclusion

Overall, April 30th saw Bitcoin prices remaining relatively stable and in a tight range around $29K. Although markets were quiet this weekend despite potential volatility due to lower liquidity levels, traders remain watchful ahead of weekly and monthly candle closes. In terms of long-term outlooks, analysts have offered potential upside targets while others warned ‘good luck bears’ if there is a breakdown below significant support levels.

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