Bitcoin could see $37.5K weekend dip before 'bigger move' next week — new report
Bitcoin (BTC) is set for a “bigger move” as soon as next week, fresh analysis says as volatility faces a breakout situation.
In its latest market update, trading suite Decentrader told readers that the time would soon come to “pull the trigger” with liquidity as BTC price action goes up or down.
Bitcoin has been making lower highs and higher lows throughout this week as a descending wedge on lower timeframes sees volatility ebb.
Such a situation cannot last forever, and for Decentrader’s Filbfilb, it has a matter of days left to run.
“We continue to trade intra day, low timeframes, with an eye on legacy markets & general developments in Ukraine to ensure we have a foot in the market and are ready to pull the trigger in either direction when the time comes, which is fast approaching and somewhat unclear as to the outcome at the moment due to the current environment, but look forward to a more sustained move,” the update summarized.
The assessment mimics that of Filbfilb’s note to Telegram channel subscribers earlier on Friday, which nonetheless foresees potential lower levels over the weekend — specifically, a return below $40,000 toward support around $37,500.
“The bigger move is coming.. next week i would think we will see some action,” it reads.
Bitcoin’s 50-day moving average, as mentioned, currently sits at around $40,330 on Bitstamp, data from Cointelegraph Markets Pro and TradingView shows.
Concerns that a macro trigger could spell more significant pressure for Bitcoin meanwhile are by no means confined to trading circles.
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