This Indicator Signals Huge Move Ahead for BTC Price: Market Watch

Bitcoin’s price continues to remain stagnant in a tight range, but that could all change soon, according to one technical indicator.

The altcoins are also quite sluggish, with little-to-no actual movements from the larger caps. HBAR is the only exception.

Is BTC Finally Breaking Out?

The start of last week was a lot more volatile as the primary cryptocurrency dumped below $29,000 to register a weekly low before it exploded by $1,500 by Wednesday. As such, the asset managed to soar past $30,000 for the first time in about 10 days.

Yet, that trip was short-lived, and BTC returned quickly to $29,500. The US CPI numbers on Thursday didn’t change the landscape all that much. The next three days were quite uneventful as well, with BTC remaining in a tight range between $29,100 and $29,500.

One of Glassnode’s lead on-chain analysts said on Twitter that this lack of actual price movements could be about to change soon. This is because the “spread between the Upper and Lower Bollinger Bands” stands at just 2.9%, and the previous examples in which the indicator was at such low levels led to a lot more volatility shortly after.

HBAR Goes Green

Although more volatile by nature, the alternative coins have failed to produce any major price movements lately. The past 24 hours are no exception for most, as ETH, BNB, XRP, DOGE, ADA, SOL, TRX, MATIC, DOT, SHIB, LTC, and TONCOIN have either charted insignificant gains or have retraced slightly.

HBAR is the only notable gainer from the top 50 alts. The asset has soared by more than 16% and sits well above $0.06.

Frax Share, Pepe, Render, and Apecoin have also jumped in the past 24 hours, with gains of up to 6%.

Nevertheless, the total crypto market cap has remained still at around $1.170 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Source link

Leave a Comment