Bitcoin breakout ‘matter of time’ says analysis with BTC price at $28K

Bitcoin (BTC) stayed tightly rangebound at the April 3 Wall Street open as analysts counted down to volatility.

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

“Watch for rugs” on BTC

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it lingered around $28,000 on Bitstamp.

The weekend had finished on an erratic note as news of an OPEC+ oil production cut sent crypto tumbling before a rebound during the Asia trading session.

Amid a lack of clear direction, monitoring resource Material Indicators flagged significant liquidity on either side of spot price on the Binance order book.

“We still don’t have a confirmed breakout or breakdown, only rejected attempts which have kept price chopping in this range,” part of fresh Twitter commentary added.

“It’s only a matter of time until one side breaks. Watch for rugs.”

BTC/USD order book data (Binance). Source: Material Indicators/Twitter

Popular trader Crypto Chase agreed that BTC price action remained stagnant.

“Range bound,” he summarized, referring to the equilibrium price (EQ) at $28,234 — the midpoint of the upper and lower bounds of the trading range — holding over the weekend.

“Range EQ providing support for the past 4 days. Bulls want to see acceptance / daily close above 28.9K for expansion. Bears want a significant close below range EQ. At that point, prior support from EQ could flip to resistance sending price to retest range low.”

BTC/USD annotated chart. Source: Crypto Chase/Twitter

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Others were more categorical in their market appraisals. Maartunn, a contributor at on-chain analytics platform CryptoQuant, turned to longer timeframes to place emphasis on the success of the March monthly close.

By contrast, trader and analyst Rekt Capital warned that a retracement could be imminent.

DXY heads lower after brief comeback

On macro, United States equities showed mixed results at the open, with the S&P 500 treading water and the Nasdaq Composite Index down 0.8%.

Related: BTC price double top forming? 5 things to know in Bitcoin this week

The U.S. Dollar Index (DXY), having initially benefitted from the OPEC+ announcement, continued falling through the day, at one point wicking below 102, almost matching two-month lows.

U.S. Dollar Index (DXY) 1-day candle chart. Source: TradingView

“DXY has been rejected at its 50-week moving average,” analytics account Game of Trades noted the day prior.

“A bearish rejection on the MACD has increased the probability for further downside.”

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