Cryptoanalyst believes BTC’s price is poised for a CoinEdition breakout

• A cryptoanalyst believes that BTC’s price is currently poised for a breakout.
• There will be some important economic events this week that could have an effect on the price of BTC.
• BTC is currently trading at $28,336.77 after a price increase of 1.65%.

Crypto analyst, Crypto Rover, shared his opinion in his latest YouTube video on what the price of crypto market leader Bitcoin (BTC) may do in the coming days. According to the analyst, BTC’s price is currently poised for a breakout as the crypto king has posted higher lows and lower highs in recent weeks.

BTC / US Dollar 1D (Source: TradingView)

In addition to this, Crypto Rover stated that BTC’s price has traded flat during this period as well. To support his bullish thesis, the analyst also highlighted that there will be some important events in two days that could have an effect on the price of BTC.

These events include the FOMC minutes as well as the US PPI data release. The analyst also pointed out the fact that, historically, this type of event is almost always followed by an increase in the volatility of the crypto market. Notably, this volatility has previously led to a pump in the BTC price before or after the data was related.

BTC Bollinger Bands (Source: TradingView)

Another technical indicator to note is that BTC’s Bollinger Bands are extremely narrow at the moment. This may indicate that the market is awaiting the outcome of the upcoming release of the latest US economic data, which supports the analyst’s thesis that BTC’s price may experience a breakout soon.

BTC Price (Source: CoinMarketCap)

CoinMarketCap indicates that BTC is currently trading hands at $28,336.77 after a price increase of 1.65% in the last 24 hours. The crypto king is also still in the green by about 0.02% in the past week.

Disclaimer: The views and opinions, as well as all information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

The post Cryptoanalyst believes BTC’s price is poised for a breakout appeared first on Coin Edition.

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