Bitcoin's Price Range Indicates Potential Breakout
- Bitcoin's 5-day, 30-day, and 50-day SMAs converge, signaling potential breakout.
- Bitcoin currently a "Strong buy" at $70,840, trading above SMAs.
- Price briefly reached $71,040, eyes all-time high of $73,679.
- Bitcoin up 11.93% in the last 30 days, holding above $60,000 support.
- FDIC reports 21% increase in banks on "Problem Bank List" in Q1 2024.
- Bitcoin price rose 35% after three banks collapsed in March 2023.
Summary :
Bitcoin's average price across three different time frames has fallen within a tight range, signaling a potential breakout. The Simple Moving Average (SMA) indicated convergence across the 5-day, 30-day, and 50-day periods, with all three falling between $65,000 and $68,239. This suggests low volatility and the possibility of a breakout, although it could also lead to a price retrace. Bitcoin is currently trading above the three SMAs at $70,840, indicating a favorable sign for traders. The next crucial price level to watch is $71,040, with the all-time high of $73,679 as the next target. Despite the uncertain breakout direction, there has been a significant rise in the number of U.S. banks on the brink of collapse, which could impact Bitcoin's price. It's important to note that this article does not provide investment advice.
Sources :
- CoinTelegraph
