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.
The price of Bitcoin (BTC) could see further downside in the near-term future without shutting down bull market momentum, according to traders using a widely used momentum indicator.
Bollinger Bands are a technical analysis tool that uses price volatility to indicate potential entry and exit opportunities in trading. Traders essentially aim to buy near the lower band and sell near the upper band.
Traders forecasted that the increased daily volatility in the price range indicates that Bitcoin is positioned for further downward movement.