• Bitcoin (BTC) is trading in a narrow range around $28,000 ahead of the US macroeconomic data release.
• Analysts are expecting the nonfarm payroll (NFP) numbers to be around 3.6-3.8%.
• If support at $27,600 holds, Bitcoin could reach $30,000; otherwise it could fall back to $25,000-25,400.
Bitcoin Awaits US Jobs Data
Bitcoin (BTC) was stuck in a narrow trading range around the $28K mark on April 7 as traders waited for the week’s main United States macroeconomic data release. Analysts are expecting the nonfarm payroll (NFP) numbers to be between 3.6-3.8%, and if support at $27,600 holds then BTC/USD could reach as high as $30,000; otherwise it could drop back down to $25,000-25,400.
$30K BTC Price Target Remains Valid
Traders agree that Bitcoin still lacks direction but believe that targets of either $30K or even perhaps just above $25K remain valid once market conditions change significantly enough. Furthermore there is evidence from Bollinger Bands that suggests volatility may soon start increasing again after an extended period of relative calm.
Nonfarm Payrolls Expected To Be Around 3.6%-3.8%
Michaël van de Poppe, founder and CEO of trading firm Eight highlighted his expectations for NFP figures: “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%” He added that if these expectations were met then it would likely result in a drop in DXY and potentially no movement in BTC depending on how far out the actual figure turns out to be from estimates given by analysts and economists alike..
Old Altcoins Are Breaking Out
Van de Poppe also pointed out that while Bitcoin remains rangebound old altcoins have been breaking out recently suggesting a flow of capital towards these assets instead of towards BTC itself: “Bitcoin remains in a boring state of mind… Old altcoins are breaking out.” Fellow trader Crypto Tony agreed with this assessment saying: “If we do range for awhile and Alts start to run it only confirms the capital flow is in motion.”
Bollinger Bands Portend Price Volatility
Finally analyst HornHairs looked at Bollinger Bands which measure price volatility and suggested they show that further price action may not be too far away: “Bitcoin volatility contraction as tight as its been all year,” he wrote adding: “I don’t think we can stay like this much longer.” With both bullish and bearish targets remaining viable investors will likely have their eyes firmly glued to both USD movements following NFP data releases and BTC/USD charts over coming days while they wait for some clarity on where prices might head next