Bitcoin Bollinger Bands has reached a point where the price of BTC has seen a surge above $50,000
Bitcoin (BTC) stuck around $66,000 on April 23 as pending sellers tightly controlled BTC price action.
Liquidity keeps the BTC price in a tight range.
Data from Cointelegraph Markets Pro and TradingView showed continued fresh trading in the space after the weekly close.
While generally higher than last week, BTC/USD provided little motivation for bulls – the overnight rally to $67,200 failed to close the gap on nearby CME Group Bitcoin futures.
This, combined with the low gap of $64,400, forms the recent BTC price targets, which is yet to be hit.
Analyzing the current situation, the famous trader Marco Johanning has identified $66,700 as a “key level” for Bitcoin to reverse in order to support the move forward.
“Looking at the range, BTC regained the intermediate level and then sent it,” he wrote in a post on X (formerly Twitter) that day.
However, it has yet to flip to the next level at 66.7k. This is today's key step.
Joning sees two options based on the $66,700 market holding: “a) 66.7k -> go to the old trend and higher range” and “b) rejection at 66.7k -> fall to the middle level, which could be the CME A wick below to close the gap.
“Both scenarios assume that the short-term trend will continue, and we will go to higher territory,” he said.
The post cited the current liquidity landscape in the exchange's order book, which continues to see bids and asks strongly affected by spot prices.
Tracking source data CoinGlass confirmed on the day that $66,000 and $67,350 formed the biggest support and resistance levels, respectively.
Bollinger Bands have reached the February indicator zone
Waiting for a big BTC price move has been in the background.
Related: BTC Trades ‘Deeply Discounted' After Halving — 5 Things to Know in Bitcoin This Week
For prominent trader and analyst Matthew Hyland, the changing conditions of the Bollinger Bands on the three-day time frame indicates that the divergence of ranges – both up and down – should soon be enough.
The width of the bands, a classic indicator of volatility, is currently the narrowest since mid-February, when BTC/USD last traded below $50,000.
At that time, Cointelegraph reported the implications of the Bollinger Bands behavior for BTC price action, when the analysis observed a “squeeze”, which finally came true.
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