Analyst: Bitcoin's daily Bollinger Bands have narrowed to their lowest level since early 2024, which may indicate an upcoming roughly 40% price movement
BlockBeats news, April 10, according to CoinDesk, the cryptocurrency market stabilized overall on Friday, with Bitcoin experiencing slight fluctuations and temporarily trading at $71,700, while Ethereum was at $2,180, continuing the low volatility pattern of the past few months. In terms of technical indicators, Bitcoin’s daily Bollinger Bands have narrowed to their tightest level since early 2024. Crypto analyst Eric Crown stated that since early February, Bitcoin’s price has remained within the $63,000 to $75,000 range, and historically, whenever such a narrow range appeared, the price eventually saw a fluctuation of about 40%.
According to CoinGlass’s liquidation heatmap, if Bitcoin breaks above $75,000, it will trigger upward momentum, forcing short-sellers to cover their positions; if it falls below $70,000 in the short term, it will lead to the liquidation of approximately $200 million in long positions betting on a breakout.
One of Friday’s key catalysts is the US Consumer Price Index (CPI) data. March inflation is expected to be 3.3% year-on-year, driven by surging energy prices. Higher-than-expected inflation usually strengthens the US dollar, thereby putting pressure on risk assets such as Bitcoin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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