Bitcoin's weekly candle closes below its bull market support band for the fourth consecutive week. Key moving averages remain below $58,748, as observed by analyst Benjamin Cowen. This indicates a period of compressed weekly candles, suggesting potential for increased volatility in the near future.
According to Cowen, Bitcoin's current technical setup points towards a likely volatility explosion. Such periods of volatility can lead to significant price movement, shedding uncertainty on Bitcoin’s short-term outlook.
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