Bitcoin price hovers above $28k with a ranged trading over the past month.
Analyst Michael van de Poppe says the US consumer price index report out this week could be a big market mover.
Bitcoin’s volume weighted average price (VWAP) is a metric to also watch.
Bitcoin price continued its ranged trading this past weekend, with bulls retesting the $28,500 area. As the week starts, the top cryptocurrency could see an injection of volatility.
Indeed, crypto analyst Rekt Capital says bitcoin remains “well positioned for mid- to long-term upside”, particularly as the cryptocurrency moves towards its next halving event.
#BTC is very well-positioned for mid- to long-term upside
It would be a shame to miss out on 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? Below is what analysts say about Bitcoin price this week.
Bitcoin price prediction ahead of CPI data this week
According to crypto analyst Michael van de Poppe, BTC is still in consolidation – which has stretched from around mid-March. But with big economic news on the cards this week, the market could be in for a bit of movement.
In a comment on Bitcoin price he shared on Monday, van de Poppe said the upcoming Consumer Price Index (CPI) data expected on 12 April is a “big event this week.”
If buyers manage to retest the $28,600 level, its likely BTC will break higher.
“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 noted.
Here is the analyst’s Bitcoin price chart.
#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. pic.twitter.com/soCWROaeDy
— Michaël van de Poppe (@CryptoMichNL) April 10, 2023
Trading volume metric and BTC price outlook
Pseudonymous analyst bitcoindata21 also says the CPI news this week will likely be a major market catalyst. However, he also highlights Bitcoin’s Volume Weighted Average Price (VWAP), which he says currently sits on the benchmark cryptocurrency’s all-time highs.
VWAP takes into account the average price of a trading asset as weighted by its total trading volume.
The metric helps analyse and forecast price movement based on the average value over a given period. In this case, bitcoindata21 highlights the 30-day VWAP on 15 April, with a potential upward crossing on 13 April.
The chart below bitcoindata21 shared on Twitter shows a comparison of the 2019 and 2023 price movements.
Bitcoin price VWAP historical data outlook comparing 2019 and 2023. Source: bitcoindata21 on Twitter.
The 1-month sideways trading along the VWAP is similarly positioned as was in 2019 before BTC went on to hit a new all-time in the last bull market.
The post Bitcoin price prediction: Watch out for CPI event this week appeared first on CoinJournal.