BTC price stagnates at $28,000 as traders eye big move! This is how Bitcoin will develop next week

Following the recent release of US jobs data, numerous BTC traders are anticipating a significant move higher. Bitcoin’s price has been trading sideways for the past few days, leaving investors anxiously awaiting a potential breakout in the coming week. However, multiple on-chain data points are now signaling bullish indicators that could soon restore investor confidence and propel the price above the $30,000 level.

Bitcoin’s on-chain metrics are pointing to an uptrend

The price of Bitcoin has surged an impressive 30% in the last 30 days and has recaptured the critical $28,000 level. However, traders are now eagerly awaiting BTC’s next price jump to breach the $30,000 mark.

On-chain indicators appear to be favorable for Bitcoin (BTC) even amid the leading digital asset’s sideways movement this week, crypto analytics firm Glassnode reports. Glassnode closely monitors the miner fee income metric, which measures increasing demand in the BTC market.

The analytics firm notes that the metric is currently showing signals of rising demand for Bitcoin. The company said the 90-day simple moving average (SMA) for fees recently outperformed its yearly average, suggesting new demand is entering the market.

The company announced that open interest in bitcoin options contracts has surpassed that of futures contracts for the first time. Bitcoin options contracts are currently worth about $10.3 billion, while futures contracts are worth $10 billion.

Glassnode also noted that futures open interest has remained relatively stable in 2023. The recent spike in call options suggests that investors are speculating on a higher Bitcoin price going forward.

Additionally, another crypto analytics firm, Santiment, reports that bitcoin traders are currently executing loss-making transactions at double the win rate, which the company sees as a positive development for the market.

Will BTC Price Approach $30,000 Next Week?

Bitcoin’s value has been hovering below $29,000 for the past few days, with experts giving mixed opinions on its immediate future. Some analysts are predicting a possible surge to $30,000 while others claim it may have reached a temporary peak.

A symmetrical triangle has formed near $29,000 on the Bitcoin chart, indicating an equal level of uncertainty among bullish and bearish traders regarding BTC’s upcoming price action.

As of this writing, Bitcoin is trading at $28,000, up 0.37% from yesterday’s performance. Analyzing the daily chart, bulls appear to have a slight advantage as evidenced by the 20-day EMA ($27,465) sloping up and the Relative Strength Index (RSI) above 55.

If bitcoin surges above $29,000 by Monday, it could continue its rise and reach the $30,000 bullish target forecast. However, a bearish reversal below EMA-20 will see the asset test its support near $27,000.

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