RATE Group | Bitcoin Price Must Hit $7.3K to Avoid Bearish Bollinger Band ‘Squeeze’
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Bitcoin Price Must Hit $7.3K to Avoid Bearish Bollinger Band ‘Squeeze’

14 Dec Bitcoin Price Must Hit $7.3K to Avoid Bearish Bollinger Band ‘Squeeze’

Posted at 11:11h in Bitcoin News by

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Bitcoin (BTC) briefly fell back below $7,200 on Dec. 14 as bearish sentiment continued to pervade cryptocurrency markets.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

Bollinger: Bitcoin preparing for next breakout

Data from Coin360 showed BTC/USD hit a sharp downturn on Saturday, losing around $70 in a matter of minutes and abandoning ground gained on Friday. 

Over the past 24 hours, Bitcoin hit local highs of $7,290 but still failed to break out of its general downtrend, which has persisted throughout the past week.

Bitcoin seven-day price chart

Bitcoin seven-day price chart. Source: Coin360

Nonetheless, among technical analysts, signs that a decisive move was on the horizon were already trickling through. One indicator, in particular, Bollinger Bands, predicted volatility would soon return to both Bitcoin and altcoins. 

“Most crypto currencies are at or near Bollinger Band Squeeze levels. Time to pay attention,” inventor John Bollinger tweeted on the day.

Bollinger Bands are a price-performance…

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