Svmuu News The cryptocurrency market stabilized overall on Friday, with Bitcoin experiencing minor fluctuations and currently trading around $71,700, while Ethereum is at $2,180, continuing the low-volatility trend seen over the past several months. Regarding technical indicators, Bitcoin's daily Bollinger Bands have narrowed to their tightest level since early 2024. Crypto analyst Eric Crown noted that Bitcoin's price has been confined within a range of $63,000 to $75,000 since early February. Historically, whenever the price has consolidated within such a narrow range, it has ultimately resulted in a price swing of approximately 40%.
According to CoinGlass's liquidation heatmap, if Bitcoin breaks above $75,000, it could trigger upward momentum, forcing short sellers to cover their positions. Conversely, a short-term drop below $70,000 would liquidate approximately $200 million worth of long positions betting on a breakout.
One of the key catalysts on Friday was the U.S. Consumer Price Index (CPI) data. The inflation rate for March is estimated to be 3.3% year-over-year, driven by surging energy prices. Higher inflation data typically strengthens the U.S. dollar, which in turn puts pressure on risk assets like Bitcoin. (CoinDesk)