Quick Facts
- April is shaping up to be one of the best months for Bitcoin since 2020.
- The current monthly returns are the highest since 2020.
Bitcoin Traders Predict BTC Price Gains Ahead of $96K Liquidity Clash
As we near the end of April, Bitcoin (BTC) continues to consolidate around the $95,000 mark, awaiting the impending monthly close and a potentially volatile period of US macro data releases. Meanwhile, traders are increasingly convinced that a major upside breakout is imminent, setting the stage for a liquidity clash at $96,000.
Calm Before the Storm
With little more than 24 hours to go until the monthly close, trading conditions remain relatively calm, despite the impending release of key macroeconomic data. According to data from Cointelegraph Markets Pro and TradingView, the market is currently in a state of anticipation, with many traders focusing on the potential outcomes of the US GDP and Personal Consumption Expenditures (PCE) index releases.
Trader Insights
Several prominent traders, including Cold Blooded Shiller and Michaël van de Poppe, are bullish on the prospects of a major upside move. According to Cold Blooded Shiller, the upcoming data releases will be a turning point for the market, with a potential correction soon to follow if the pair fails to break through the $96,000 resistance.
“It’s going to be decision time for $BTC and $SPX I’d imagine within the next 24 hours,” Cold Blooded Shiller tweeted. “Either this loss of momentum results in the correction or we get clear of this and make a significant break into new highs. I still favor expansion upwards as the outcome.”
Michaël van de Poppe, a popular trader and analyst, agrees with Cold Blooded Shiller, stating that the market is currently consolidating before a potential breakout.
“Bitcoin nicely consolidating before the next leg upwards should initiate,” Michaël van de Poppe tweeted.
Liquidity Clash
Fellow trader Jelle is also focused on the potential liquidity clash at $96,000. According to his analysis, the pair is likely to experience a thickening of asks immediately above the current price, with most traders looking to enter long positions around the $96,000 mark.
“Simply moving sideways for a while to prepare for the next leg higher,” Jelle tweeted. “I’m watching the liquidity clash at $96,000 closely.”
Best April in Years
April is shaping up to be one of the best months for Bitcoin since 2020, with the pair up 15% month-to-date. According to data from CoinGlass, the current monthly returns are the highest since 2020, with many traders now focusing on the potential upside potential.
“A Monthly Close like this would solidify Bitcoin’s position at these highs, even if downside wicking below $93300 could still occur in May (similar to Dec 2024 or Jan 2025 wicks),” Rekt Capital, a popular trader and analyst, tweeted.
