Bitcoin price action this week suggests that it may find a bottom. Cryptocurrency has been bounced back from the lower Bollinger band for the past three weeks. Although not conclusive, this repetitive interaction with this boundary can indicate that sales pressure is beginning to fade.
Bollinger Bands are popular technical indicators that help traders estimate volatility and potential prices in extreme terms. The middle band is the moving average, and the outer band is adjusted with volatility.
Currently, Bitcoin prices are testing the Bollinger Band A bundle below, but they are not broken. As prices approach this key level, buyers seem to be stepping in.
It is important to note this trend as Bitcoin (BTC) finds support in the Bollinger band at the bottom suggests that the floor may be lurking.
If this pattern is maintained, the next key level is the middle band, currently around $94,500, which is about 13.5% above the current price. When Bitcoin pushes this level, the $107,600 upper band could become their next target.
But remember that weekly time slots are slower indicators. Changes usually take weeks, so changes in momentum may not occur overnight. For now, Bitcoin appears to be finding a stable location, but there is room for greater movement on the roads.
There’s no need to hurry.
