Bitcoin price ever since the beginning of the 2022 trade displayed a consolidated price trend below $45000. However, the asset attempted to break out of the consolidation a couple of days before and woefully ended up recording a fakeout. The BTC price nowadays is manifesting a depleted trend appearing to head towards the lower support at $40,710.
Crucial Bitcoin Price Movement Expected During Weekend
The upcoming weekend may turn the table for the star crypto which may either flip hard to hit $48,600 or plunge down below $41,000. Mainly due to a drop in the trading volume expected during this time which may ignite an unexpected price movement. And hence as pointed out by the Co-founder of Glassnode, a popular on-chain metric platform, the Bitcoin risk signal is extremely high, at the threshold.
The BTC price is swinging within a highly liquid area between $42,000 to $45,000. Moreover, the volume on the exchanges has depleted to a large extent which indicates a drastic reduction in the volatility. And in such a case, the price tends to follow the volume which is induced, which may be a temporary one. And hence the possibility of a squeeze irrespective of short or long is extremely high.
Also Read: Bitcoin Price Prediction: Here’s The Short Term & Long Term BTC Price Forecast
A Big Move Incoming Very Soon
As the BTC price is expected to undergo an extreme price movement, the possibility of a large breakout emerges. According to a popular analyst, Bitcoin is due for a big move as the price is consolidating under Kijun-Sen+ and above the lower EMA. The Kijun-Sen line is one of the 5 components that make up the Ichimoku indicator which is used to generate trade signals.
Usually, this indicator points out the next move, but as the Vortex Indicator(VI) is presently neutral, no specific trend reversals can be determined. However, a small possibility of the Bitcoin price surging high beyond $46,000 surfaces, as the VI after each drop below 0 has raised high above 1.2. And hence now when VI attempts a bullish reversal, the Bitcoin price may also spike but the uptrend may be a short-lived one.
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Source: https://coinpedia.org/bitcoin/the-upcoming-weekend-maybe-pretty-crucial-for-the-bitcoin-btc-price/