'Good luck bears' — Bitcoin traders closely watch April close with BTC price at $29K

Bitcoin (BTC) narrowed volatility connected April 30 arsenic the play and monthly candle closes loomed.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Trader sees BTC terms upside capped astatine $32,500

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD arsenic it loitered conscionable supra $29,000 passim the weekend.

After unsettled terms action earlier successful the week, Bitcoin returned to sideways trading, with markets witnessing an eerie calm contempt the imaginable for volatility acknowledgment to little play liquidity.

As such, traders were hopeful that nary unwelcome surprises would greet the candle closes.

“Nothing has changed,” fashionable trader Elizy summarized successful portion of caller Twitter analysis of the 3-day chart.

Elizy eyed a imaginable upside people of up to $32,500 successful the lawsuit of a breakout, portion the nonaccomplishment of a cardinal inclination enactment beneath spot terms would beryllium origin to “become truly bearish.”

BTC/USD annotated chart. Source: Elizy/Twitter

Fellow trader known arsenic J focused connected the monthly close, noting that BTC/USD present sat astatine a historically important constituent based connected behaviour from passim its existent halving cycle.

“On the monthly, we tin spot Bitcoin has rallied into the 2021 lows, which is simply a large absorption + proviso area,” helium summarized.

As portion of the longer-term roadmap, the largest cryptocurrency should spot “Chop + somewhat down during May - Sep/Oct,” J added, earlier show picks up.

BTC/USD annotated chart. Source: J/Twitter

"Good luck bears"

With small to enactment with connected little timeframes, others besides resorted to examining spot connected the play illustration and higher.

Related: Bitcoin terms holds $29K arsenic US PCE information sparks 90% Fed complaint hike bets

Among them was expert Moustache, who noted enactment holding supra cardinal exponential moving averages (EMAs) successful a mode akin to that which preceded large upside successful erstwhile years.

“Imagine being bearish connected BTC adjacent though it has been forming enactment ABOVE the EMA ribbon bands for respective weeks. Good luck bears,” helium commented.

BTC/USD annotated chart. Source: Moustache/Twitter

Last week, Moustache argued that "smart money" had already built BTC positions and was present waiting for the existent upside to footwear in.

At existent spot terms of $29,267, Bitcoin would spell immoderate mode to canceling retired the anterior play candle losses were it to adjacent without last-minute volatility.

BTC/USD 1-week candle illustration (Bitstamp). Source: TradingView

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