Bitcoin is approaching a critical juncture in its price as its average across multiple time frames has converged, suggesting a potential breakout. Real Vision’s chief crypto analyst, Jamie Coutts, highlighted this convergence, with the average price falling within a 5% range across the five-day, 30-day, and 50-day periods. While this signals low volatility and the possibility of a breakout, it could also result in a price retracement. Currently trading above the three simple moving averages (SMA) at $70,840, Bitcoin is considered a “Strong buy” according to TradingView’s moving average indicator. The next crucial price level to watch is $71,040, as traders anticipate Bitcoin’s attempt to reach its all-time high of $73,679. Over the past 30 days, Bitcoin has remained above its key support level of $60,000 but has not quite reached $72,000. Meanwhile, Jamie Coutts has also drawn attention to the increasing number of US banks on the brink of collapse, which could have implications for Bitcoin’s price movement. However, it is important to note that this article does not provide investment advice and readers should conduct their own research before making any decisions.
Bitcoin poised for a significant surge as it lingers near $71K, forming a tight coil.