Bitcoin ‘coiling’ up for a huge move as it hovers around $71K
Bitcoin’s average price across five-day, 30-day, and 50-day periods are almost the same, indicating low volatility and raising the chances of a price breakout in either direction.
Bitcoin may soon find itself at a critical price crossroads. Its average price across three different time frames has now fallen within a tight cluster, signaling a potential breakout.
“After some nice coiling pricing action since March, my boring Bitcoin Trend model triggers,” Real Vision’s chief crypto analyst Jamie Coutts said in a June 4 X post after flagging Bitcoin’s similar average price across three short-term periods, which have all fallen within a 5% range.
On June 4, the simple moving average (SMA) — which calculates the average of past prices within a specified time window — indicated a convergence across three different periods: the five-day, 30-day and 50-day periods. All three intervals fell between $65,000 and $68,239.
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Author: Ciaran Lyons
