Bitcoin is lining up a burst of volatility that could rival its 40% January gains, on-chain data suggests.,” analytics firm Glassnode revealed the tightest Bollinger Bands since the start of 2023.BTC price has acted in a tight range for an entire month, using $30,000 as a focal point for sideways behavior.“Seems like $BTCUSD is exhausting many trader's patience,” he“That is usually the condition you see before strong moves. Not sure about the direction though.
Bollinger Bands use standard deviation around a simple moving average to determine when an asset’s price is due a shift in trend. On BTC/USD, its upper and lower band are unusually close together at present — more compact, in fact, than at any time since Bitcoin began its 2023 upside. “The digital asset market continues to see remarkably little volatility, with the classic 20-day Bollinger Bands experiencing an extreme squeeze,” “The Week On-Chain” commented.
It added that with a range of just 4.2%, this marked the “quietest BTC market since the lull in early January.”
$BTC price has been rangebound around $30,000, testing traders' patience. Analysts expect a significant directional move soon, as the Bollinger Bands tighten to levels not seen since Jan 2023.
The classic volatility indicator is currently printing a telltale sign that the days of rangebound BTC price action are numbered. Bollinger Bands use standard deviation around a simple moving average to determine when an asset’s price is due a shift in trend.
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