Bitcoin

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p><a href="https://u.today/bitcoin-dominance-back-above-50-as-altcoins-struggle" rel="noopener noreferrer nofollow">Bitcoin</a> is once again capturing the attention of renowned trader John Bollinger, who <a href="https://twitter.com/bbands/status/1703808620105023745" rel="noopener noreferrer nofollow">sees potential</a> for a bullish trend. On Monday, the digital asset reclaimed its $27,000 price point, but it is yet to be seen whether this is the start of another rally.&nbsp;</p>
<h2 id="understanding-the-bollinger-bands">Understanding the Bollinger Bands</h2>
<p><a href="https://u.today/legendary-trader-john-bollinger-points-out-noteworthy-bitcoin-pattern" rel="noopener noreferrer nofollow">Bollinger</a>, famous for developing the 'Bollinger Bands,' a set of trend lines plotted in and around the price structure of a traded asset, took to Twitter to discuss Bitcoin's recent price movement.&nbsp;</p>
<p>Bollinger Bands are primarily used to measure the market's highness or lowness relative to previous trades. "And there is the first tag of the upper Bollinger Band after a new set of controlling bars was established at the lower band. The question is now can we do a walk up the upper band? Too early to answer," tweeted Bollinger. This analysis suggests a tentative optimism; the Bitcoin price tag on the upper <a href="https://u.today/legendary-trader-john-bollinger-weighs-in-on-bitcoin-spike" rel="noopener noreferrer nofollow">Bollinger Band</a> could indicate a potential upward trend, but Bollinger remains cautious.&nbsp;</p> <img src="https://u.today/sites/default/files/inline-images/5Aowk6qm.png" alt="https://twitter.com/bbands/status/1703808620105023745">
<h2 id="bitcoin-reclaims-27-000">Bitcoin reclaims $27,000</h2>
<p>CoinGecko data showed that Bitcoin's price reached $27,000 and its market dominance crossed the 50% threshold on Monday. This marks a substantial shift in market dynamics, particularly as many altcoins are either stagnant or declining in value. Although Bitcoin's price is still 4.5% below its June high and 22.5% down from its January peak, it has shown resilience compared to other cryptocurrencies. Ethereum, its closest competitor, is slightly underperforming <a href="https://u.today/this-ethereum-network-update-is-extremely-important" rel="noopener noreferrer nofollow">despite the recent upgrade buzz</a>. &nbsp;&nbsp;</p>

Bitcoin Price: Legendary Trader John Bollinger Eyes ‘Upper Band’ Breakout

Table of Contents

U.Today

Other articles published on Sep 18, 2023

Join our free newsletter for daily crypto updates!