Bitcoin

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/bitcoin-approaches-the-most-conclusive-area-heres-what-awaited-during-the-month-end/">Bitcoin Approaches the Most Conclusive Area; Here’s What Awaited During the Month-End!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
The weekends are known for being extremely active, displaying high-intensity trades that flip the market’s prevailing trend to a large extent. Unfortunately, the past week’s close remained largely consolidated with a bearish close. The <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> also experienced a similar price action as it failed to surpass and secure the levels above the crucial resistance at the moment at $29,500, which may compress the price to a large extent in the coming days.&nbsp; 
The year 2023 began with a huge recovery, as the token not only gained a huge upswing but also attracted massive volume. However, the price variations were pretty low comparatively, indicating both bulls and bears held equal dominance. Presently, the BTC price has approached a crucial juncture, which may either propel the <a href="https://coinpedia.org/bitcoin/bitcoin-price-prediction-will-btc-price-hit-40k-by-mid-august/" target="_blank" rel="noopener noreferrer nofollow">price close to $40,000</a> or <a href="https://coinpedia.org/bitcoin/bitcoin-price-analysis-analyst-predicts-possible-drop-below-2022-low-heres-the-timeline/" target="_blank" rel="noopener noreferrer nofollow">drag it below $20,000</a>.&nbsp; 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh4.googleusercontent.com/4E2DKE9rGWTyRjt6UIIdkmouhL9P-EaHQVTJiDih2H8vI2ohHR-Bl5BvZAPvL-fvoyCx6HEKiBukaXLQ0afvqHNVyGlMPgMghqGZeqQ6_orV6V5Ruqwh94e0x1wOFGcn6PZTcS6wEFMLMtPUbMankyA" alt=""> 
</figure> 
Bollinger bands are a type of statistical chart that suggests whether the markets could be either overbought or oversold. These bands tend to compress and relax as per market trends. If the bands swell out, then the prices are in motion either towards the north or south. If the bands maintain a parallel trend, it indicates that crypto prices are maintaining a stagnant trend. However, if the bands get squeezed, it indicates the markets are closer to displaying extreme price action regardless of the direction.&nbsp; 
Presently, the price has encountered a similar situation wherein the possibility of a bearish breakout appears to be higher. Previously, during 2019 and 2020, before the beginning of the 2021 bull run, a similar squeeze was witnessed. But the prices had rebounded from the lower support of the bands which propelled the prices higher. However, in the current scenario, the BTC price faced an interim rejection from the upper resistance of the bands, due to which the possibility of a bearish pullback looms over the space. 
Therefore, if the trade executes as per the speculation, the Bitcoin (BTC) price seems to be at the foothill of a major fallout.&nbsp;

Bitcoin Approaches the Most Conclusive Area; Here’s What Awaited During the Month-End!

CoinPedia News

Other articles published on Jul 31, 2023

Curve Finance Losses $47 Million in Hack, CRV Declines by 13%

Binance CEO CZ Reveals Plans for More Stablecoins To Rival USTD

Lido Dao Price Prediction 2023: Will LDO Price Descend Soon?

BCH Price Analysis: Bullish Flag Furling, Will Bitcoin Cash Price Top $400?

BALD Meme Coin Pares Off Accrued Gains Amid Fears of Liquidity Pulloff

How to buy Dogecoin on eToro: a step-by-step guide by Coinpaper

Join our free newsletter for daily crypto updates!