Bitcoin (BTC) meandered into the weekly shut on July 3 after weekend buying and selling produced a quick wick beneath $18,800.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bollinger bands sign volatility due
Data from Cointelegraph Markets Pro and TradingView adopted BTC/USD because it caught to $19,000 rigidly for a 3rd day working.
The pair had gone gentle on volatility general on the weekend, however on the time of writing was nonetheless on observe for the primary weekly shut beneath its prior halving cycle’s all-time high since December 2020.
The earlier weekend’s motion had produced a late surge which saved bulls from a detailed beneath $20,000.
Momentum remained weak all through the next week’s Wall Street buying and selling, nevertheless, and merchants have been unconvinced in regards to the potential for a major reduction bounce.
“Looking for a push down to the lower support zone at $18,000 while we are below $19,300. Quick scalp and tight invalidation,” common Twitter account Crypto Tony wrote in an replace to followers on the day.
“I can’t really trust this move because it’s ‘weekend pa,’” fellow account Ninja continued in a part of an additional submit, including that “if bulls can’t push to $19.7k, I don’t think the dump is over.”
Up or down, incoming volatility was being keenly eyed by commentators because the weekly shut drew close to. Popular analyst Matthew Hyland famous that the Bollinger bands indicator was signaling that price situations would quickly grow to be extra erratic.
#Bitcoin Bollinger Bands tightening on the day by day time-frame as displayed on the width indicator: pic.twitter.com/c0bqmMfdSi
— Matthew Hyland (@MatthewHyland_) July 3, 2022
On day by day timeframes, BTC/USD traded close to the underside Bollinger band, threatening a drop beneath as an expression of volatility just like that which occurred in May.
BTC/USD 1-day candle chart (Bitstamp) with Bollinger bands. Source: TradingView
Underwater addresses surpass March 2020 peak
Fresh knowledge in the meantime confirmed simply how a lot ache the common hodler was going via after the worst month-to-month losses since 2011.
Related: Bitcoin indicator that nailed all bottoms predicts $15.6K BTC price ground
According to on-chain monitoring agency Glassnode, the weekly transferring common variety of distinctive BTC addresses now at a loss reached a brand new all-time high of 18.8 million on July 3.
As Cointelegraph beforehand reported, in earlier capitulation occasions, 60% of the provision wanted to see unrealized losses.
Bitcoin addresses in loss chart. Source: Glassnode
“Almost $40 Billion in Bitcoin Net Realized Losses since May 1st,” analytics account On-Chain College summarized as June got here to a detailed.
“Some have quit, some have stuck around. One thing is for sure- if you’ve been in this space over the last year and you’re still here, you’ve been through quite a lot of volatility.”
The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Every funding and buying and selling transfer includes danger, it is best to conduct your personal analysis when making a call.