Bitcoin price Bollinger Bands 'failure' risks end of uptrend at $112K

Key points:

• BTC terms enactment has rejected from the precocious Bollinger Band respective times since April.

• The metric’s creator present sees the imaginable for the section uptrend to extremity altogether.

• Bitcoin bulls look headwinds from aggregate directions successful June.

Bitcoin (BTC) is signalling the extremity of its section uptrend aft rejection astatine $110,000, 1 of the best-known trading names says.

In X posts connected June 13, John Bollinger, celebrated for creating the Bollinger Bands volatility metric, called clip connected Bitcoin’s comeback from April lows.

Bollinger Bands rejection points to BTC terms trouble

Bitcoin has displayed classical uptrend behaviour since reversing from multimonth lows adjacent $75,000 successful aboriginal April, John Bollinger argues.

Reviewing BTC terms enactment implicit the past 2 months, the celebrated expert delineated the rebound into 3 chiseled sections.

After a “W”-shaped treble bottommost connected the Bollinger Bands, BTC/USD delivered 3 “pushes” higher, each separated with a little apical and consolidation phase. Each propulsion besides offered a travel to the precocious Bollinger Band.

Now, aft failing to clasp all-time highs and continue, the full section inclination could beryllium over.

“Three Pushes present confirmed,” Bollinger wrote successful portion of accompanying commentary.

BTC/USD illustration with Bollinger Bands data. Source: John Bollinger/X

Discussing the data, helium stipulated that 3 pushes “just means the extremity of the anterior trend” and that the rejection “could usher successful a reversal oregon a consolidation” next.

Bollinger Bands are 1 of the most fashionable volatility indicators utilized to illustration Bitcoin and crypto marketplace trends. A narrowing of the bands tends to precede periods of volatility, with BTC/USD often encountering unusually “narrow” periods successful caller years.

Bitcoin bull tally barriers stack up

As Cointelegraph continues to report, Bitcoin faces aggregate hurdles to terms find aft making swift gains successful May.

Related: $100K becomes bulls' cardinal level: 5 things to cognize successful Bitcoin this week

In summation to precocious Bollinger Band resistance, sellers person placed large blocks of inquire liquidity betwixt existent all-time highs and $120,000.

Geopolitical events focused connected the Middle East and US-China commercialized woody ramifications person analyzable the representation for bulls.

“Tensions person present returned to levels past seen successful April,” trading steadfast QCP Capital warned Telegram transmission subscribers portion discussing crypto and hazard assets. 

“Markets are stuck successful a bind, bracing for either further escalation oregon a abrupt pivot toward de-escalation done diplomatic channels.”

QCP acknowledged that Bitcoin, successful particular, had “remained comparatively resilient, which underscores persistent organization demand.”

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.