The analysis says Bitcoin ( BTC) faces a choice between two key levels as part of a “macro trending range.”
In a Twitter survey on March 27, monitoring source Material Indicators said BTC price action is currently in a key trading zone.
Markets give clues that 'big move is coming'
Bitcoin has managed to fend off a new wave of negative news regarding the largest global exchange, Binance.
Although commentators suggest that the consequences of US regulatory action against Binance.US may be crackdown, there are concerns that BTC/USD will not be able to continue its upward momentum.
With an important month approaching, Material Indicators has identified two important levels for the bulls to defend and break through.
This is the 200-week moving average (WMA) for the downtrend and $30,000 for the uptrend. Despite being known, a new survey now shows that market sentiment favors a retest of support first.
“When the market looks indecisive it is often a sign that a big move is about to take place,” Material Indicators added in a further comment section.
Expect the 200-Week Moving Average to be tested before we close the Weekly, maybe even before the Monthly close on Friday.
An accompanying chart shows the BTC/USD order book on Binance with associated bid and ask Liquidity .
Where is the volatility?
Meanwhile, amid the Binance FUD, others have argued that both Bitcoin and crypto in general have performed very well, despite a series of destabilizing events that have emerged in recent weeks.
Caleb Franzen, senior market analyst at Cubic Analytics, further noted that macro market volatility remains relatively low.
“What broke the camel's back? Will it even break out?, he asked .
So far, nothing has created significant downward pressure on the entire market (stocks or crypto)…
