Crypto traders are pointing to Bitcoin's bollinger band being "released slowly" as an indicator that its price could see some downward movement in the short-term.) could see further downside in the near-term future without shutting down bull market momentum, according to traders using a widely used momentum indicator.
Traders forecasted that the increased daily volatility in the price range indicates that Bitcoin is positioned for further downward movement. Meanwhile, technical analyst Tony Severino suggests that Bitcoin’s price may experience significant volatility if the market cycle resembles that of 2017. “Fire Charts shows bid liquidity based support is building in the $59k-$61k range with secondary support laddered down to $50k,” it wrote.