The end of the week is almost here, and many buyers’ the expectation for the price of Bitcoin (BTC) may not come true. The coin has kept going in a straight line and has hit a low of $60,612.59 in the last 24 hours.
John Bollinger, who made the Bollinger Bands indicator, says that the price of Bitcoin might not be ready to break out yet. He is known for keeping track of how Bitcoin has done over time.
Trader with a lot of experience said that BTC has not bounced back after the two-bar reversal at the lower Bollinger Band. Based on what he thinks, he thinks there will be more mergers in the future.
Bitcoin Price Movement Analysis
Based on how the price of Bitcoin has been moving lately, this prediction seems likely. The price of one bitcoin is $60,726.66 right now, which is 1.78% less than it was 24 hours ago. As of now, this month has been one of the roughest for Bitcoin this year.
Cryptorank says that the price of the coin has dropped by 10.1% Month-to-Date (MTD). The digital currency has ended each month on a positive note since January, with the only exception of April, when it fell by over 14%. Because of how John Bollinger feels, it’s not likely that Bitcoin will break above the important support level above $62,000 this month.
Bollinger Bands don’t tell you exactly when a trend will change, but they do give you other information. The fact that BTC is being sold for too much right now is proof of this. This drop in prices is mostly due to the spot BTC ETF market.
Different ETF providers saw money leave their funds at different times, so a retail market drawdown was bound to happen.There is still a lot of power in Bitcoin in the wider world of digital currencies. It’s true that many altcoins are now moving away from the top coin because its price action isn’t changing much. Toncoin (TON) is one of these types of digital currencies.
Toncoin has grown by more than 18% so far this month, excluding this short time of consolidation. Toncoin and BTC are very different in one important way: The Open Network’s gaming area is growing very quickly.
