Bitcoin Bollinger Bands reached the level where BTC price dropped to $50K

Bitcoin (BTC) stalled around $66,000 on April 23 as pending sellers continued to control the price of BTC.

Liquidity keeps the price of BTC in a tight range

Data from Cointelegraph Markets Pro and TradingView revealed a new line of trading going on after the weekly close.

Although generally higher than last week, BTC/USD provided little impetus to the bulls – a one-time rally to $67,200 was unsuccessful. almost CME Group Bitcoin futures gap.

This, along with another low gap at $64,400, creates the nearest BTC price targets, which have not yet been hit.

Analyzing the current situation, popular trader Marco Johanning identified $66,700 as a “critical level” for Bitcoin to turn to in order to help move forward.

“If you look at the column, BTC returned to the middle and then sent from there,” he wrote in the section post on X (formerly Twitter) that day.

“However, it couldn’t top the next level at 66.7k so far. That’s the key level for today.”

Johanning saw two options based on the market’s handling of the $66,700 mark: “a) Turn 66.7k -> towards the old trend line and high,” and “b) Reject at 66.7k -> back to the middle, possibly with a wick down to close the CME gap.”

“Both scenarios assume that the short-term trend will continue, and we will move towards a higher level,” he added.

The post referred to the current liquidity situation on the exchange’s order books, which continued to show bids and ask close to the remaining price.

Data from the tracking resource CoinGlass confirmed the day that $ 66,000 and $ 67,350 formed the highest support and resistance levels, respectively.

Bollinger bands reach the breakout zone in February

Expectations of a major BTC price move, meanwhile, lagged behind.

Related: BTC trades at ‘big discount’ after halving – 5 things to know in Bitcoin this week

For renowned trader and analyst Matthew Hyland, changing Bollinger Bands mode for a period of three days indicated that a series of events – either up or down – should come soon.

Bandwidth, a common indicator of volatility, is currently the narrowest since mid-February, when BTC/USD traded below $50,000.

At that time, Cointelegraph reported on the impact of the behavior of Bollinger Bands on the price action of BTC, and the analysis sees a “tightening,” which eventually turned out to be true.

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