Bitcoin breakout 'matter of time' says analysis with BTC price at $28K
Bitcoin (BTC) stayed tightly rangebound at the April 3 Wall Street open as analysts counted down to volatility.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it lingered around $28,000 on Bitstamp.
The weekend had finished on an erratic note as news of a Opec+ oil production cut sent crypto tumbling before a rebound during the Asia trading session.
Amid a lack of clear direction, monitoring resource Material Indicators flagged significant liquidity on either side of spot price on the Binance order book.
"We still don't have a confirmed breakout or breakdown, only rejected attempts which have kept price chopping in this range," part of fresh Twitter commentary added.
Popular trader Crypto Chase agreed that BTC price action remained stagnant.
"Range bound," he summarized, referring to the equilibrium price (EQ) at $28,234 — the midpoint of the upper and lower bounds of the trading range — holding over the weekend.
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Others were more categorical in their market appraisals. Maartunn, a contributor at on-chain analytics platform CryptoQuant, turned to longer timeframes to place emphasis on the success of the March monthly close.
Bitcoin has confirmed a break-out from a multi-month consolidation, and funding rates are negative pic.twitter.com/vBs7ipK8hw
By contrast, trader and analyst Rekt Capital warned that a retracement could be imminent.
#BTC continues to struggle at the Higher High resistance (black)$BTC will continue to be non-trending as it consolidates between the Higher High resistance & the green support at $27,000Drop into green could occur soonLose that -> deeper retrace confirmed#Crypto #Bitcoin
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