Amid Bitcoin price fluctuations, key market metrics are now suggesting potential for an imminent price move.
After reaching a renewed peak of over $73,000 in March, the king coin has struggled to maintain its momentum.
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.One such analyst, known as Avocado Onchain from the CryptoQuant platform, recently highlighted the narrowing gap between Bitcoin prices on Coinbase and Binance.
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.The current triangular pattern could indicate that large investors, or whales, are waiting for a clear signal before making their next move, creating a standoff that could result in a major shift in Bitcoin’s price direction.
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