Bitcoin price made a sharp recovery from the brutal $27,000 support level. After the rebound, buyers turned to the $27K level as a sought area for the next week. The sentiment of recovery in Bitcoin leads to a rally in the remaining altcoins near the end of the month.
Bitcoin Consolidates in Narrow Range
On the 4-hour price chart, bitcoin price is only $400 below the ideologically volatile level of $30,000. Following the recent rally in BTC price, bulls are looking for stability in momentum as well as hitting another weekly high above $30K.
At the time of writing, bitcoin price is trading at $29,580 with an intraday gain of 0.13%. However, a 33% drop in trading volume to $2.3 billion over the past 24-hours shows that the bears are slowly covering their shorts.
As of the last Friday of April, crypto derivatives traders are seeing the biggest monthly expiry. Bitcoin options are about to expire today so speculators have experienced market volatility over the past few days.
According to Deribit data, there are 105.8K BTC options with a total value of $3.1B that will expire tonight. However, the maximum pain ratio is at $27,000 and the current BTC price is trading above around $29,580 at press time, which means options traders are taking profits.
On the daily price chart, bitcoin speculators are facing less volatility today due to options expiration. Meanwhile, all key exponential moving averages including the 20, 50, 100, and 200 EMA are currently trading below the current price, which can offer support, if BTC price drops. The 20 EMA appears to be the most recent support area.
The simple RSI looks neutral at the 53 level, while the stochastic RSI continues to rise and favor the bulls to move crypto towards $30K.
Also read: Bitcoin Surges on First Republic Bank Failure News
