$30K BTC price target stays valid as ‘boring’ Bitcoin heads into US jobs data
Bitcoin (BTC) stuck to a narrow trading range into April 7 as crypto analysts awaited the week’s main United States macroeconomic data.
Data from Cointelegraph Markets Pro and TradingView confirmed another day’s ranging around $28,000 for BTC/USD.
The pair had shunned volatility over most of the week, but now faced nonfarm payroll (NFP) numbers as a final potential catalyst for risk assets.
“Expectations are that we’ll be seeing 3.6%, similar to last month. Based on the financial numbers of this week, I’d rather expect 3.7-3.8%,” Michaël van de Poppe, founder and CEO of trading firm Eight, summarized about his expectations.
A further Twitter post argued that $30,000 remained on the table should bulls protect current support levels.
“Bitcoin remains in a boring state of mind. Consolidating for weeks, while old altcoins are breaking out,” he continued.
Related: $1.12B in Bitcoin options expire this week, and bulls appear to be at a disadvantage
Fellow trader Crypto Tony agreed that the current trading range may nonetheless prove sticky.
“I bet we will be staring at this range for awhile. If we do range for awhile and Alts start to run, it only confirms the capital flow is in motion,” he forecast on the day.
Popular trader Anbessa showed similar downside targets to Van de Poppe, eyeing $27,940 as an important intraday level to defend.
Examining volatility, meanwhile, popular analyst HornHairs noted that Bollinger bands were offering a telltale sign that calm conditions were about to break.
Related: Bitcoin ‘faces headwinds’ as US money supply drops most since 1950s
“Bitcoin volatility contraction as tight as its been all year. The games shall begin shortly. Dust off your weapons of choice for the volatility ahead,” he
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