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Bitcoin trades above supports, bank collapses are a good omen
Bitcoin's price nears a potential breakout as its 5-day, 30-day, and 50-day simple moving averages converge within a narrow range.
Bitcoin(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. Jamie Coutts — Real Vision’s chief crypto analyst — noted in a June 4 X post that Bitcoin’s simple moving average (SMA) across the five-day, 30-day, and 50-day periods had all fallen between $65,000 and $68,239. These comments echo Jamie Dimon, longtime CEO of JPMorgan Chase, recently voicing concerns that the collapse of Silicon Valley Bank will have long-term economic consequences.
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