Bells are ringing for Bitcoin: Which way will it move?

2024-04-23 05:04:13

While experts have many different expectations after the Bitcoin halving, the BTC price continues to trade in a narrow range in the new week.

Due to the shrinking liquidity in the Crypto money market, the struggle between bull and bears has not yet made a move up or down from around $65,000 Bitcoin.

leader cryptocurrency is currently changing hands at $66,100 on the second business day of the week.

Liquidity scarcity in Bitcoin

BTC price has risen slightly compared to the weekend, but investors are not satisfied. The gap between Bitcoin futures traded on the CME and the spot market has not yet closed. The space in the futures market reveals the scenario of the price falling to $64,400 in the short term.

Sharing his analysis, trader Marco Johanning stated that the transformation of $66,700 into support will play a critical role.

Gm and happy Tuesday! ☕️

Bitcoin update & Hyblock Heatmaps

First off, Bitcoin opened the week on a bullish note yesterday, suggesting that we might continue the short-term trend and head further towards the range high.

Looking at the range, BTC reclaimed midrange and then… pic.twitter.com/qNc6kEtXEI

— Marco Johanning (@themarcojo) April 23, 2024

“Although Bitcoin took back the mid-level, it didn’t last. The key figure for today is $66,700.”

The analyst is of the opinion that if this level is not exceeded, the Bitcoin price will move towards the CME gap.

Pay attention to these levels on the BTC board

According to data shared by market tracker CoinGlass, exchange orders are concentrated between $66,000 and $67,350. A move below or above these figures may increase the range of motion in BTC.

According to this indicator, the bells are ringing!

Bitcoin order book and futures market data, as well as technical indicators, suggest that a big move is on the horizon soon. Crypto currency analyst Matthew Hyland revealed that the Bollinger bands have narrowed significantly on the 3-day chart.

The indicator is at the narrowest levels since February.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.

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