As Bitcoin continues to fluctuate within the trading range, crypto experts and enthusiasts eagerly anticipate whether the cryptocurrency would surpass the $30.5K mark. Michaël van de Poppe, a well-known analyst, and trader, highlighted the critical role of the $28.9K support level in achieving this feat.
Notably, cryptocurrency expert Michaël van de Poppe discussed the uncertain market conditions of Bitcoin and its crucial support level of $28.9K in the face of potential volatility ahead of today’s unemployment report. See his insights:
#Bitcoin constantly flipping levels and back in the range.— Michaël van de Poppe (@CryptoMichNL) May 5, 2023
I'd prefer to see $28.9K hold here, which generates continuation towards $30.5K.
Unemployment day, so important news later that could push prices. pic.twitter.com/rGxHFZpAlX
However, the market is expected to react strongly to the release of unemployment figures later today, with many traders looking to this data for clues about the health of the economy. With the global economy still struggling to recover from the pandemic, any unexpected news supposedly could cause significant volatility in the market.
Notably, Bitcoin’s technical indicators currently suggested an uncertain outlook for its price. Traders are watching key support and resistance levels, such as the $28.9K support level, and monitoring indicators like moving averages and trend lines to try to make informed investment decisions.
The MACD indicator has recently crossed into the bearish zone, signaling a potential price decline. Similarly, the RSI is displaying a negative trend, indicating that a sell-off could be around the corner. Despite these indicators, the price of Bitcoin has remained resilient, suggesting that traders are cautiously optimistic about its future performance.
In light of this uncertain outlook, traders are supposed to be prepared for the potential volatility that could ensue. Investors should be wise to carefully analyze the market and consider strategies such as dollar cost averaging or risk management techniques to protect their capital in times of heightened volatility.