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

Bitcoin approaches the end of April having barely moved, with BTC’s price offering little short-term clues on the trajectory.

Bitcoin narrowed volatility on April 30 as the weekly and monthly candle closes loomed.

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

Trader sees BTC price upside capped at $32,500

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it loitered just above $29,000 throughout the weekend.

After unsettled price action earlier in the week, Bitcoin returned to sideways trading, with markets witnessing an eerie calm despite the potential for volatility thanks to lower weekend liquidity.

As such, traders were hopeful that no unwelcome surprises would greet the candle closes.

“Nothing has changed,” popular trader Elizy summarized in part of a recent Twitter analysis of the three-day chart.


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Elizy eyed a potential upside target of up to $32,500 in the event of a breakout, while the loss of a key trend line below spot price would be cause to “become really bearish.”

BTC/USD annotated chart. Source: Elizy/Twitter

Fellow trader known as J focused on the monthly close, noting that BTC/USD now sat at a historically significant point based on behavior from throughout its current halving cycle.

“On the monthly, we can see Bitcoin has rallied into the 2021 lows, which is a major resistance + supply area,” he summarized.

As part of the longer-term roadmap, the largest cryptocurrency should see “Chop + slightly down during May – Sep/Oct,” J added, before performance picks up.

BTC/USD annotated chart. Source: J/Twitter

“Good luck bears”

With little to work with on lower timeframes, others also resorted to examining strength on the weekly chart and higher.

Among them was analyst Moustache, who noted support holding above key exponential moving averages (EMAs) like that which preceded major upside in previous years.

“Imagine being bearish on BTC even though it has been forming support ABOVE the EMA ribbon bands for several weeks. Good luck bears,” he commented.

BTC/USD annotated chart. Source: Moustache/Twitter

Last week, Moustache argued that “smart money” had already built BTC positions and was now waiting for the real upside to kick in.

At the current spot price of $29,267, Bitcoin would go some way to cancel out the prior weekly candle losses were it to close without last-minute volatility.

BTC/USD 1-week candle chart (Bitstamp). Source: TradingViewSource: Cointelegraph.com.

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Hello, my name is Vincent Parks. I help novice traders and private investors. I write articles on trading / TA / trading psychology etc. For the past 3 years, I have been an account manager in a company that specializes in binary options. I have more than 5 years of professional experience in FX/crypto trading. My goal in life is to share my knowledge and experience with more people.