Bitcoin Price Movements
Since the beginning of the week, the price of Bitcoin added over 2.3%, returning above $88,000 per BTC. This sudden move surprised many in the crypto market.
The price action for Bitcoin has been uncertain recently, with few traders willing to go long as it approached potential collapse levels from the all-time highs of 2021. Factors such as macroeconomic instability and political turbulence contributed to prevailing fear and doubt.
However, as of March 25, Bitcoin is on the rise, with various indicators suggesting this might not be the final surge. Notably, the Bollinger Bands, a reliable market indicator, suggest Bitcoin could soon reach a price point of $94,700.
As of now, the middle band is represented by a 20-day moving average on the weekly time frame. Recently, Bitcoin established a solid base at the lower band of this indicator’s range, marking a robust 14.88% rebound over the last 15 days.
Higher Potential
Interestingly, if this upward trend persists, Bitcoin may increase by another 7.8% to engage buyers and sellers at the middle band. The subsequent movement will depend on which side gains traction.
Currently, the upper band on the weekly timeframe sits at $107,180 per BTC, which is near the all-time high for the cryptocurrency. The critical question remains: can Bitcoin overcome the upcoming resistance, or will it face another rejection?
History suggests that significant movements follow extended periods of uncertainty, indicating that a major change may be underway beneath the surface. For now, market watchers are closely monitoring the lower boundary set by the Bollinger Bands.
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