Bitcoin (BTC) entered the weekly close on July 3 after weekend trading produced a brief wick below $18,800.
Bollinger bands indicate volatility
Information Cointelegraph Markets Pro and TradingView followed BTC/USD, holding tight to $19,000 for the third day.
The couple was gone light to change overall over the weekend, but was still on track for a lower first weekly close at the time of writing half-life All-time high since December 2020.
The previous weekend’s action led to a late surge saved the bulls from close under $20,000.
However, Momentum remained weak throughout the following week’s Wall Street trading, and traders did not believe the potential for a significant relief bounce.
“While we are below $19,300, we are looking for a drop to the lower support zone at $18,000. Quick scalp and intense insecurity,” said popular Twitter account Crypto Tony he wrote in an update for today’s viewers.
“I can’t really trust this move because it’s a ‘weekend,'” Ninja account mate continued adding in another post that “I don’t think the bullpen is over unless the bulls can rally to $19.7k.”
Upward or downward volatility was closely watched by commentators as the weekly close approached. Famous analyst Matthew Hyland noted that the Bollinger Bands indicator is a sign that price conditions will soon become more volatile.
#Bitcoin Bollinger Bands that compress on the daily time frame as shown in the breadth indicator: pic.twitter.com/c0bqmMfdSi
— Matthew Hyland (@MatthewHyland_) July 3, 2022
On the daily time frames, BTC/USD traded below the Bollinger Bands, threatening to move lower as an indication of the volatility that occurred in May.
Underwater addresses surpass March 2020 peak
Meanwhile, new data showed just how much pain the average hodler suffered afterward Worst monthly losses since 2011.
Related: The Bitcoin indicator that nails all bottoms predicts a BTC price low of $15,600
according to According to on-chain monitoring firm Glassnode, the weekly moving average number of unique BTC addresses currently in loss hit an all-time high of 18.8 million on July 3rd.
As Cointelegraph previously reported, 60% of the supply in previous capitulation events unrealized losses need to be seen.
On-Chain College analyst report “Bitcoin net loss of nearly $40 billion realized since May 1st” summarized As June ends:
“Some quit, some stuck. One thing’s for sure – if you’ve been in this space for the past year and you’re still here, you’ve been through quite a bit of volatility.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, you should do your own research when making a decision.
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