“Good luck bears” – Bitcoin traders are closely watching the April close with BTC priced at $29,000

Bitcoin (BTC) reduced volatility on April 30 as the weekly and monthly candle closes began to emerge.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

Trader sees BTC price capped at $32,500

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it lingered just above $29,000 all weekend.

After choppy price action earlier in the week, Bitcoin returned to sideways trading, with markets experiencing an uncanny calm despite the potential for volatility thanks to lower liquidity over the weekend.

As such, traders hoped that no unwelcome surprises would greet the close of the candle.

“Nothing has changed,” popular trader Elizy summarized in part of the recent Twitter analysis of the 3-day chart.

Elizy is eyeing a potential upside target of up to $32,500 in the event of a breakout, while losing a key trendline below the spot price would see it turn “really bearish”.

Annotated BTC/USD chart. Source: Elizy/Twitter

Focusing on the monthly close, fellow trader known as J noted that BTC/USD is now at a historically significant point based on behavior throughout its current halving cycle.

“On the monthly sheet, we can see Bitcoin has surged to the 2021 lows, which is a key area of ​​resistance and supply,” he summarized.

As part of the longer-term roadmap, the largest cryptocurrency should “Chop+ fall slightly from May to September/October,” J added, before performance picks up again.

Annotated BTC/USD chart. Source: J/Twitter

“lucky bears”

With little work to do on lower time frames, others also took to examining strength on the weekly chart and higher.

Related: Bitcoin price holds $29,000 as US PCE data triggers 90% Fed rate hike bets

Among them was analyst Mustache, who noted support lying above key exponential moving averages (EMAs), similar to prior to the major uplegs of previous years.

“Imagine BTC being bearish even though it has been forming support ABOVE the EMA bands for several weeks. Good luck bears,” he commented.

Annotated BTC/USD chart. Source: Mustache/Twitter

Last week, Mustache argued that “smart money” had already built BTC positions and is now waiting for the real uptrend to materialize.

With the current spot price of $29,267, if Bitcoin were to close with no last-minute volatility, it would do a great deal to erase previous weekly candlestick losses.

BTC/USD 1-week candlestick chart (Bitstamp). Source: TradingView

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This article does not contain any investment advice or recommendation. Every investment and trading move involves risk and readers should do their own research when making a decision.

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