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As September draws to a close, Bitcoin enthusiasts are eyeing potential bullish trends, with indications pointing towards a positive trajectory. The leading cryptocurrency has already exhibited a bullish candle this month, suggesting a possible continuation of this trend into October if the candle closes in the green.
Bitcoin Trend Reversal
Amidst these developments, market veteran John Bollinger, the creator of the widely used market indicator Bollinger Bands, shared his insights on Thursday. In a tweet, the 73-year-old noted that a two-bar reversal occurred for $BTCUSD at the lower Bollinger Band on September 11/12, which he believed to be a crucial technical factor.
Bollinger further tweeted;
“This is a good setup for a walk up the upper band, just need a bit more strength to confirm.” To provide a visual context for his statement, he also shared the chart below.
In addition to Bollinger Bands, other Bitcoin fundamentals have also been falling into place. Crypto analyst Matthew Hayland noted in Friday tweet that the two-week Bollinger Bands for Bitcoin have reached their tightest levels since 2015, and they are currently the tightest ever recorded.
Historically, when such tight squeezes occur, they are often followed by explosive price movements, catching many by surprise. Hayland also mentioned that he has been closely monitoring the weekly Bollinger Band width, which has also tightened significantly.
Positive Signs in Bitcoin’s Performance
Beyond Bollinger Bands, Bitcoin’s overall performance has displayed positive signs. Gert van Lagen, anther crypto analyst, highlighted a crucial bullish cross in Bitcoin’s moving averages. Via a Thursday tweet, he mentioned that the 200-day Simple Moving Average (SMA) has crossed above the 200-week SMA, which is seen as a bullish signal. This follows a bullish crossover that occurred in June involving the faster daily 200 and Weekly 200 exponential moving averages (EMAs).
That said, combined, these technical indicators and expert opinions have brought renewed optimism to the Bitcoin market, suggesting the potential for an upward surge.
In the meantime, Bitcoin remained in a state of tight consolidation following a price pullback that occurred after an impressive surge beyond $27,000 on Thursday. At press time, BTC was trading at $26,864, reflecting a 0.70% decrease over the past 24 hours.
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