A key bitcoin trading indicator hit its "narrowest point" in a year. The last time this happened, bitcoin rallied 20% in four months. Cryptocurrency trading and analyst Matthew Hyland said "a swing is almost imminent", while noting that bitcoin's Bollinger Bands, a tool that measures an asset's momentum and volatility within a specific range, reached its "third highest point" on the weekly time frame since its inception in January 2009.
He is not the only trader to spot this new pattern. Cryptocurrency trader Max BecauseBTC added: "Only twice in the history of the Bollinger Bands of Bitcoin's weekly timeframe has it been so tight... in April 2016 and August 2023."
Kristoph Jeffers, chief operating officer at Three Jay Partners, wrote on X: "To my surprise, the Bitcoin weekly Bollinger band is now narrower than the daily Bollinger band."
Bitcoin's "explosive trend" is imminent, Bollinger Bands hit the narrowest point
2024-08-01 05:50:49
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