Breakout or retracement? Where does Bitcoin [BTC] head next

Breakout or retracement? Where does Bitcoin [BTC] head next

April 5, 2023

By Victor Olanrewaju

Read Bitcoin’s [BTC] Price Prediction 2023-2024

Bitcoin traders are bidding at lower levels much more than those expecting a quick upward run

Volatility remains low as BTC struggles to find solid support

With so many factors at play, from macroeconomic conditions to global regulatory changes, Bitcoin [BTC] has opted to stick with consolidation in the last few days. Within this period, the king coin managed to fall below $28,000.

At some point, it maintained its value above the region like it was at press time. But will it continue its recent breakout and surge to new heights, or is a retracement on the horizon?

If the shorts have it, then the longs…

Well, traders seem divided in their foresight of the price action. According to crypto market data provider, Material Indicators, there asked liquidity flowing into the $29,000 to $30,000.

This means that a number of traders expected the lowest price sellers would accept for BTC was around the aforementioned region.

Conversely, Material Indicators also showed that there were bids falling toward $27,600. This implied that those in this position projected the highest buying price to be within the zone.

Interestingly, the spread between the longs and shorts was extremely close according to data acquired from Coinglass. Although shorts had the most open positions, the BTC long/short ratio was 1.01.