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Bitcoin Bollinger Bands echo move that ended in 40% January gains

Jul 21, 2023 at 11:42 am

BTC price should put in a “strong” reaction now that Bitcoin Bollinger Bands are at their most compact since the start of 2023. Bitcoin is lining up a burst of volatility that could rival its 40% January gains, on-chain data suggests. In the latest edition of its weekly newsletter, The Week On-Chain, analytics firm Glassnode revealed the tightest Bollinger Bands since the start of 2023. BTC price due “strong moves” — but direction unknown BTC price has acted in a tight range for an entire month, using $30,000 as a focal point for sideways behavior. This, popular analyst Aksel Kibar says, is putting both bulls and bears to the test. “Seems like $BTCUSD is exhausting many trader’s patience,” he summarized on July 21. “That is usually the condition you see before strong moves. Not sure about the direction though. I will stick with my well-defined boundaries. I know that increased volatility is around the corner. Capture the directional move.” According to Bollinger Bands behavior, that move should come sooner rather than later. The classic volatility indicator is currently printing a telltale sign that the days of rangebound BTC price action are numbered.

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