Bitcoin Bollinger Bands hit the level where BTC price dropped to $50K – TradingView News

Bitcoin BTCUSD it 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 type of trading going on after the weekly close.

Although generally higher than last week, BTCUSD gave little impetus to the bulls – a one-time rally to $ 67,200 failed to close the 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 support the move.

“If you look at the column, BTC returned to the middle and then sent from there,” he wrote in a 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 monitoring resource CoinGlass confirmed the day that $66,000 and $67,350 formed major support and resistance levels, respectively.

Bollinger bands reach the breakout zone in February

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

For well-known trader and analyst Matthew Hyland, changing conditions of the Bollinger Bands over a period of three days indicated that a series of ranges – either higher or lower – should be coming soon.

Bandwidth, a classic volatility indicator, is currently the narrowest since mid-February, when BTCUSD last sold for less than $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.