According to Cointelegraph: Bitcoin's (BTC) volatility indicator, the Bollinger Bands, presents conditions similar to those last observed in mid-February, potentially signaling a breakout that could steer BTC's price beyond $50,000.
On April 23, Bitcoin's price remained relatively stagnant around $66,000, held back by waiting sellers. Data from Cointelegraph Markets Pro and TradingView showed a new trading range in place since the weekly close.
Despite an overnight rally to $67,200, the token still failed to close a nearby CME Group Bitcoin futures gap. Together with another lower gap at $64,400, these form near-term BTC price targets presently unattained.
Marco Johanning, a prominent trader, identifies $66,700 as the "key level" that Bitcoin must claim as support moving forward. Depending on the market's reaction to this level, Johanning foresees two possibilities: "a) Flip 66.7k -> head towards the old trendline and range high," and "b) Get rejected at 66.7k -> fall back to midrange, potentially with a wick below to close the CME gap."
Meanwhile, the liquidity landscape on exchange order books shows bids and asks closely huddled around the spot price, with the prominent support and resistance levels respectively at $66,000 and $67,350.
Amidst this backdrop, anticipation for a significant BTC price movement builds. Matthew Hyland, a well-known trader and analyst, suggests that the increasingly narrow Bollinger Bands on the three-day chart could indicate an imminent range breakout – similarly to the situation in mid-February, when BTC last traded below $50,000, followed by an upside "squeeze."
