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As Bitcoin (BTC) continues to trade around the $66,000 level, the cryptocurrency’s volatility indicator is hinting at an impending breakout. The Bollinger Bands, a widely-used technical analysis tool, have reached levels last seen in mid-February, a period that preceded a significant price surge for BTC.
The Bollinger Bands, which plot two standard deviations above and below a 20-period simple moving average, are currently at their narrowest point since the middle of February. This tightening of the bands, known as a “Bollinger Squeeze,” typically signals a period of low volatility that is often followed by a sharp move in either direction.
In the previous instance when the Bollinger Bands reached similar levels in February, Bitcoin’s price subsequently broke out, surging past the $50,000 mark. This pattern has repeated itself in each of the cryptocurrency’s previous halving cycles, with the Bollinger Bands breakout often heralding significant gains for BTC.
Prominent trader and analyst Matthew Hyland has highlighted the current Bollinger Bands setup, noting that a breakout, either to the upside or downside, is likely imminent.&nbsp; The trader has suggested that a successful breach of the upper Bollinger Band could propel Bitcoin’s price as high as $63,500, a level not too far from its current all-time high.
While the direction of the breakout remains uncertain, the tightening of the Bollinger Bands is a clear indication that Bitcoin’s price action is poised for a significant move. Traders and investors will be closely watching the cryptocurrency’s behavior in the coming days and weeks, as a breakout could set the stage for the next phase of Bitcoin’s bull run.

Bitcoin Volatility Indicator Signals Imminent Breakout as Bollinger Bands Tighten

CoinstelegramEng

Други статии, публикувани на 3.05.2024 г.

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