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Bitcoin faces resistance around $58,000, with analysts suggesting a major price shift may be imminent. Increasing whale transactions and Coinbase Premium convergence indicate market tension, hinting at possible volatility ahead. Bitcoin [BTC] experienced fluctuating momentum in recent days, marked by a combination of both bullish and bearish activity. After reaching a renewed peak of over $73,000 in March, the king coin has struggled to maintain its momentum.  In the last 24 hours, Bitcoin briefly traded above $58,000 before dipping below this level, hitting a low of $57,292 earlier today. At the time of writing, Bitcoin has once again reclaimed the $58,000 mark, trading at $58,016, though it remains down by 0.5% over the past day. This ongoing back-and-forth in Bitcoin’s price has sparked analysis from market experts, who are closely monitoring key indicators. One such analyst, known as Avocado Onchain from the CryptoQuant platform, recently highlighted the narrowing gap between Bitcoin prices on Coinbase and Binance.  This convergence as highlighted by the analyst could be a sign that the market is approaching a decisive point, leading to speculation about Bitcoin’s next major price movement. Coinbase Premium suggests imminent move The analysis from Avocado Onchain pointed to the triangular convergence pattern on Bitcoin’s Coinbase Premium, which measures the price gap between Coinbase and Binance [BNB]. According to the analyst, the upper and lower bounds of the Coinbase Premium are converging toward zero, signaling a reduction in volatility.  Source: CryptoQuant This narrowing gap suggested that the market was finding a fair value for Bitcoin, and a significant move in the cryptocurrency’s price may be imminent. Drawing parallels to previous market cycles, Avocado Onchain noted that during the 2021-2022 bull market, a similar convergence in the Coinbase Premium occurred during a prolonged period of consolidation.  Source: CryptoQuant Following this pattern, Bitcoin surged to…

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Filed under: News - @ September 13, 2024 1:28 pm