Bloomberg said that Bitcoin (BTC) stays above a key resistance level, as the Bollinger Bands suggest that Bitcoin is consolidating for a major breakout.
It has been reported by Bloomberg analyst Mike McGlone that Bitcoin is consolidating, as he speculates that due to the decreasing volatility, Bitcoin price Bollinger Bands are at its lowest point ever.
However, in his opinion, Bitcoin is priming to break out of the upper resistance level of $13,000. At the same time, he said that it is critical that the price does not fall below $6,500.
“Our graphic shows the upward sloping 260-day moving average on the crypto and bands that roughly marked the 2019 high and 2020 low for guidance. By this measure, when Bitcoin exits its cage, about $13,000 is a good initial resistance target. Sustaining below the bottom band at about $6,500 would jeopardize the uptrend.”
Also, McGlone observed that Bitcoin’s volatility relative to the same metric for gold is at the lowest since the record bull run of 2017 and is way below the average.
Thus, he concluded:
“Its 260-day volatility, at about 4.4x that of the same gold measure, is the lowest since April 2017. The average is around 6.4x and the peak was 12.2x in 2011.”
Source: Cointelegraph | Image: Engadget
Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.
Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.
We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.