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Bitcoin (BTC) Now Extremely Squeezed, On-chain Data Hints at Significance

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Mon, 17/07/2023 - 14:22
Bitcoin (BTC) Now Extremely Squeezed, On-chain Data Hints at Significance
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On-chain analytics firm Glassnode observes that Bitcoin might be entering its quietest market period since January.

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This comes as the cryptocurrency market continues to see remarkably little volatility, with the classic 20-day Bollinger Bands experiencing an extreme squeeze.

Glassnode noted that a price range of just 4.2% separates the upper and lower Bollinger bands, making this the quietest Bitcoin market since the lull in early January.

In the past week, the on-chain analytics platform reported that the Bitcoin 14-day price range has remained extremely narrow.

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The significance of this is that with Bitcoin rarely being quiet for such sustained periods, the probability of a volatile move in either direction is enhanced.

At the time of writing, BTC was marginally down in the last 24 hours to $30,185. Traders anticipate the next move on the market as hopes of a possible Bitcoin spot ETF revive.

According to reports, the latest Bitcoin exchange-traded fund (ETF) applications are now being reviewed by the U.S. Securities and Exchange Commission (SEC).

Imminent big move?

As reported by U.Today, legendary trader John Bollinger, who is the creator of the Bollinger Bands, noted in a tweet that Bitcoin was being squeezed.

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The Bollinger Bands serve as a gauge of volatility and probable price levels where an asset may encounter support or resistance.

Simply put, the "squeeze" implies that Bitcoin is sandwiched between the upper and lower bands of the Bollinger Bands indicator. Such circumstances frequently signal big price changes, either up or down.

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