- Bitcoin Price remains steady at $28k after a month of ranging trading.
- Analysts Michael van de Poppe forecasts potential market movement in light of the upcoming US CPI report.
- Traders should watch for Bitcoin’s Volume Weighted Average Price (VWAP) metric.
Bitcoin Price has been trading in a range over the last few days, with bulls pushing the top cryptocurrency towards $28,500. As the week begins, volatility is likely to rise.
Indeed, Rekt Capital Bitcoin remains a currency “well positioned for mid- to long-term upside”This is especially true as the cryptocurrency approaches its next halving event.
#BTC The company is extremely well-positioned for long- and mid-term upside
It It would be a shame not to take advantage of the exponential post $BTC Halving Gains#Crypto #Bitcoin pic.twitter.com/FE1j3nCTmN
— Rekt Capital (@rektcapital) April 9, 2023
But What about the next few days, though? Below What analysts have to say about it Bitcoin This week’s price
Expert Forecasts Potential Impact of US CPI Report
Crypto expert Michael van de Poppe believes Bitcoin is still in a period of consolidation – which has stretched from around mid-March. However, he anticipates potential movement in the market in response to the release of the US Consumer Price Index (CPI) report on 12 April.
In a comment he shared with Monday, van de Poppe The upcoming CPI data is a “big event this week.”
If buyers can retest $28,600, then BTC may rise further. “Bitcoin is still stuck in the range. Good move overnight to $28,500 and back to consolidation. Big event this week with CPI, probably the market mover. If another test of $28,600 takes place, I’m assuming we’ll be breaking out upwards,” The analyst said.
Here is the analyst’s Bitcoin Price chart
#Bitcoin is still stuck in this range Good Consolidate overnight at $28,500
Big CPI will be the market mover this week at this event
If Another $28,600 test is conducted. I’m Assuming that we will break out upwards. pic.twitter.com/soCWROaeDy
— Michaël van de Poppe (@CryptoMichNL) April 10, 2023
Trading BTC price outlook and volume metric
Analyst bitcoindata21 believes the US CPI news is likely to be a major catalyst. However, he also suggested traders watch Bitcoin’s Volume Weighted Average Price (VWAP), which currently sits on the benchmark cryptocurrency’s all-time highs.
