Key Points
- Bitcoin (BTC) remains near $66,000 due to waiting sellers restricting price action.
- Liquidity and Bollinger Bands conditions suggest potential for a significant BTC price move.
Bitcoin’s price has been hovering around $66,000 as of April 23, with sellers keeping the price action under control. The BTC/USD trading range has remained stable since the weekly close.
Although the price is higher than the previous week, it offers little incentive for bulls. An overnight rally to $67,200 failed to close a nearby CME Group Bitcoin futures gap.
BTC Price Targets and Key Levels
Combined with another gap lower at $64,400, these form near-term BTC price targets that are yet to be hit. Trader Marco Johanning has identified $66,700 as a crucial level for Bitcoin to flip to support.
Johanning suggested two possibilities based on the market’s response to the $66,700 mark: flipping it and heading towards the old trendline and range high, or getting rejected at it and falling back to midrange. Both scenarios assume the short-term trend will continue.
Liquidity Landscape and Bollinger Bands
The current liquidity landscape on exchange order books shows bids and asks closely wrapped around the spot price. CoinGlass confirmed that $66,000 and $67,350 formed the biggest support and resistance levels, respectively.
There is anticipation for a larger BTC price move due to changing Bollinger Bands conditions on 3-day timeframes. The Bands’ width is the narrowest since mid-February, when BTC/USD last traded below $50,000, indicating a potential range breakout.
The behavior of the Bollinger Bands for BTC price action suggests an upside “squeeze,” which could soon become reality.
