Bitcoin’s price has been stuck in a tight trading range, but market participants are anticipating a potential explosive move. BTC/USD has been hovering around $28,000 on Bitstamp, with limited room for maneuvering due to increasing order book liquidity on both sides of the spot price. While some are calling for $25,000 and $30,000 as near-term targets, Material Indicators warned that nothing is guaranteed in crypto and that liquidity reflects sentiment, dampening price volatility.
Popular traders and analysts, however, expect a breakout to happen soon, as Bitcoin has been experiencing some of its least volatile intraday conditions of 2023. Fidelity Investments’ Jurrien Timmer drew similar conclusions for the S&P 500, which has been moving within a sideways range for nine months.