Bitcoin (BTC) returned to a familiar range on April 27 as panic over alleged Mt. Gox and United States government transactions faded.
“Rough” price action keeps Bitcoin traders cautious
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD traded near $29,000 on Bitstamp, up nearly $2,000 from the prior day’s low.
Snap volatility had kicked in following the Wall Street open as bulls’ trip to $30,000 was rudely interrupted by fears that BTC from wallets controlled by the U.S. government and entities related to defunct exchange Mt. Gox were on the move.
As Cointelegraph reported, the claims turned out to be false, but not before wiping a large slice of open interest from derivatives markets and sending BTC/USD down 7%.
A subsequent recovery returned the pair to $29,500 before consolidation kicked in.
Reacting, popular trader Jelle called on Twitter followers to filter out short-timeframe curveballs.
“Bitcoin higher timeframe direction is clear – everything else in the meantime is noise,” he wrote on the day.
“Trading the volatility is fine, but stay focussed on the bigger picture. Above $30,000, the targets increase quickly.”
Jelle added that he was “not sure” on short-term price trajectory, but that the destruction of…
