RATE Group | Bitcoin Looks South After Price Squeeze Ends With Drop to $9.6K
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Bitcoin Looks South After Price Squeeze Ends With Drop to $9.6K

25 Sep Bitcoin Looks South After Price Squeeze Ends With Drop to $9.6K

Posted at 05:47h in Cryptocurrency News by

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  • Bitcoin fell to $9,600 earlier today, marking a downside break of recent low-volatility consolidation represented by the narrowing of Bollinger bands.
  • The Bollinger band breakdown has opened the doors for a slide to $9,320 (August low).
  • A break above $10,380 (Sept. 19 high) is needed to neutralize the bearish setup.

Bitcoin’s recent low-volatility price squeeze has ended with a downside break that may see the cryptocurrency drop to the August low of $9,320 in the short-term.

The top cryptocurrency had been largely trading in a very narrow range ($9,600–$10,500) in the 11 days to Sept. 21.

As a result, BTC’s price volatility, as represented by the spread between the Bollinger bands, dropped to the lowest level in over four months last week. Bollinger bands are volatility indicators placed two standard deviations above and below the price’s 20-day moving average.

A low-volatility period often paves the way for a big move on either side. In BTC’s case, the…

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