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Bitcoin<\/a> (BTC) is nearing a potentially pivotal moment as its average price across three different time frames has converged within a narrow range, hinting at a possible breakout.<\/p>\n Jamie Coutts \u2014 Real Vision\u2019s chief crypto analyst \u2014 noted in a June 4 X post<\/a> that Bitcoin\u2019s simple moving average (SMA) across the five-day, 30-day, and 50-day periods had all fallen between $65,000 and $68,239. This convergence, following a period of steady price action since March, suggests low volatility and raises expectations for a potential price surge, although a retrace is also possible.<\/p>\n The FDIC has reported that 63 US banks are on the brink of insolvent collapse \u2014 this is due to banks sitting on $517 billion in unrealized losses.<\/p>\n Meanwhile, after some nice coiling pricing action since March, my boring #Bitcoin<\/a> Trend model triggers.<\/p>\n DXY down, Yields and Corp\u2026 https:\/\/t.co\/evKbRbzbrV<\/a> pic.twitter.com\/0QPK25FzYs<\/a><\/p>\n \u2014 Jamie Coutts CMT (@Jamie1Coutts) June 4, 2024<\/a><\/p>\n<\/blockquote>\n Currently, Bitcoin is trading above the three SMAs at $70,840, according to CoinMarketCap data<\/a>, and is considered<\/a> a \u201cStrong buy\u201d by TradingView\u2019s moving average indicator. Trading above the moving average is a positive sign, indicating that the moving average could act as a new support level if the price drops.<\/p>\n On June 4, Bitcoin briefly touched $71,040 before quickly retracing, a key price level that traders are monitoring as the next step toward reaching its all-time high of $73,679. Over the past 30 days, Bitcoin has maintained its crucial support level of $60,000 and has gained 11.93%.<\/p>\n Despite the uncertainty surrounding the breakout direction, Coutts highlighted the significant increase in the number of U.S. banks \u201con the brink of collapse\u201d during the first quarter of 2024. The Federal Deposit Insurance Corporation (FDIC) reported a 21% jump<\/a> in the number of banks on the \u201cProblem Bank List\u201d in Q1 2024, reaching 63 banks.<\/p>\n This comes after the collapse of three banks in March 2023 \u2014 Signature Bank, Silvergate Bank, and Silicon Valley Bank \u2014 which triggered a 35% rise in Bitcoin\u2019s price over nine days to $27,050. Coutts suggested that the market may soon see a fresh capital injection, which could drive Bitcoin\u2019s price higher:<\/p>\n Can you smell that, son? That\u2019s the smell of central bank liquidity in the air\u2026<\/p>\n<\/blockquote>\n These comments echo Jamie Dimon, longtime CEO of\u00a0JPMorgan Chase, recently voicing concerns <\/a>that the collapse of Silicon Valley Bank will have long-term economic consequences.<\/p>\n<\/p><\/div>\n\n
Market uncertainty<\/h2>\n
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