Bitcoin Has a 'Clear Direction' After It Breaks Bollinger Bands
Ripple registered a monumental victory against SEC last week. With XRP deemed ‘not a security’, community members were quick to confirm a full-blown bull market. At press time, most assets were consolidating, and Bitcoin continued to defend its $30,000 range. Now, this XRP ruling was a massive moment for the industry so the positive sentiment should have carried through. So this begs the question… Why is Bitcoin failing to break range? According to glassnode analytics, there is an incredible lack of volatility in the Bitcoin market. The chart above illustrated the 20-day Bollinger Bands experiencing an extremely tight squeeze. With a price differential of 4.2% between the upper and lower bands, it is the most tepid BTC price action since early January 2023. While the Bollinger Bands are only indicative of low volatility, other factors are possibly playing a part. Since the beginning of April 2023, Bitcoin short-term holders’ supply(1day-6months) has consis...