On April 23, Bitcoin’s price hovered around $66,000 due to hesitant sellers preventing significant price movement.
Liquidity keeps BTC price in tight range
Based on information from CryptoMoon Markets Pro and TradingView, it appears that a new trading range has emerged in the cryptocurrency markets following the weekly market close.
Last week, the price of Bitcoin against the US Dollar was generally higher, but it didn’t provide much excitement for bulls. A sudden surge during the night brought BTC/USD up to $67,200, yet this rally wasn’t enough to close an open gap in nearby Bitcoin futures contracts offered by CME Group.
Together, these two gaps, one of which is located near $64,400, determine short-term Bitcoin price objectives that have yet to be achieved.
Based on the present situation, well-known trader Marco Johanning has pinpointed $66,700 as a significant level for Bitcoin to reverse and act as a support in the future.
In his post on X, previously known as Twitter, he mentioned that Bitcoin (BTC) regained its middle position within its price range on that particular day.
“However, it couldn’t flip the next level at 66.7k so far. That’s the key level for today.”
Johnanning considered two possible scenarios regarding the market’s behavior around the $66,700 level:
He mentioned that in both situations, it’s expected that the current short-term upward trend will persist, leading us toward the upper end of the price range.
The post discussed the recent market situation on trading platforms, where buy and sell orders were clustered closely around the current spot price.
According to data from monitoring resource CoinGlass, $66,000 and $67,350 emerged as the strongest levels of support and resistance, respectively, on that day.
Bollinger Bands reach February breakout zone
Anticipation of a larger BTC price move, meanwhile, lingered in the background.
According to well-known trader and analyst Matthew Hyland, adjustments in the Bollinger Bands settings over a three-day period suggest that a price breakout beyond the current range is imminent – this could result in an uptrend or downtrend.
The Bands’ width, a well-known volatility measure, is now at its smallest since mid-February, a time when BTC/USD was last priced under $50,000.
During that period, CryptoMoon shared insights about how the movements of Bollinger Bands could influence Bitcoin’s price trend. The prediction suggested an impending “squeeze” in the upward direction, which later materialized as a price increase.
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2024-04-23 10:59