Bitcoin Price Squeeze Sets Stage for Next Move
Bitcoin's price action has been confined between two moving lines on its chart, and analysts believe that kind of squeeze doesn't stay quiet for long. The current trading range around $63,500 is nearly exactly on top of Bitcoin's 200-week moving average, near $63,700, a level it closed just below last week.
These two lines are converging, with one falling and the other rising, leaving little room before Bitcoin is forced to pick a side. According to an analyst, this decision will arrive within the next couple of months, if not sooner.
On-chain indicators, including the widely watched MVRV ratio, tend to bottom out below zero at the end of past cycles. Currently, that measure is close but hasn't gotten there yet, suggesting the possibility of one more move lower before those indicators fully reset.