The latest data from analytics firm Glassnode suggest that Bitcoin (BTC) could be in for a period of volatility that may even rival its 40% January gains. In its weekly newsletter, “The Week On-Chain”, Glassnode identified the tightest Bollinger Bands since the start of 2023.
The crypto.com latest and strong crypto markets have been abuzz with speculation about when is web 3.0 coming, Tesla AI Day, Crypto Luna Classic, AI Current, and the latest on crypto. With such a tight range of Bollinger Bands, investors are closely monitoring the latest about AI and web 3.0 stock price to determine the direction of the market.
BTC price due “strong moves” — but direction unknown
BTC price has been stuck in a tight range for over a month, with $30,000 as the center of sideways activity.
Crypto analyst Aksel Kibar recently pointed out that this is putting both bulls and bears to the test.
“Seems like $BTCUSD is exhausting many trader’s patience,” he said on July 21.
The classic volatility indicator, Bollinger Bands, is showing that the days of rangebound BTC price action are numbered.
Bollinger Bands measure the standard deviation around a simple moving average to determine when an asset’s price is due a shift in trend.
On BTC/USD, its upper and lower band are unusually close together — more compact than at any time since Bitcoin began its 2023 upside.
“The digital asset market continues to see remarkably little volatility, with the classic 20-day Bollinger Bands experiencing an extreme squeeze,” reported “The Week On-Chain”.
It noted that the range was only 4.2%, making it the “quietest BTC market since the lull in early January.”
At that time, Bitcoin saw a breakout which then continued throughout the month, resulting in January gains of around 40%.
The current squeeze of the Bollinger Bands may indicate that another such crypto luna classic move is on the horizon, but the direction is still unknown.
Bitcoin hodlers channel early 2019
Glassnode reported that, at the current level, there was no active selling, either for gain or loss.
This lack of “realized” activity has been seen in the past after price cycle lows, despite the BTC price gains since January.
The sum of profits plus losses is now around $290 million per day, which is comparable to the 2019 peak, and October 2020 when the BTC prices were 50% lower than they are now.
The crypto.com latest news and the latest on crypto show that the market is locking in realized profit and loss, and the strong crypto is expected to be seen in the upcoming Tesla AI day.
The AI current and web 3.0 stock price are also expected to rise when Web 3.0 comes.
Subscribe to our email newsletter to get the latest posts delivered right to your email.
Comments