Bitcoin price surpasses $50K as Bollinger Bands reach critical point

Bitcoin (BTC) remained stuck near $66,000 on April 23 as sellers kept a tight grip on the price action. Despite a slight increase from last week, BTC/USD failed to provide much enthusiasm for bulls, as an overnight rally to $67,200 was unable to close a nearby CME Group Bitcoin futures gap. The current trading range suggests that BTC price targets at $64,400 and $66,700 have yet to be reached. Popular trader Marco Johanning identified $66,700 as a key level for Bitcoin to flip to support going forward. He outlined two scenarios: either BTC would head towards the old trendline and range high, or it would fall back to midrange with a potential wick below to close the CME gap. The liquidity landscape on exchange order books showed bids and asks tightly wound around the spot price, with $66,000 and $67,350 forming the biggest support and resistance levels. Traders anticipated a larger price move, with Bollinger Bands indicating that a range breakout could occur soon. The width of the Bands, a classic volatility indicator, is currently the narrowest since mid-February. This article does not provide investment advice or recommendations, and readers are advised to conduct their own research before making any decisions.