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Highlights
- The price of Bitcoin has slipped further amid extended drawdown
- John Bollinger noted that the consolidation might not end anytime soon
- Bitcoin price need a major catalyst to drive its breakout push
The week is almost out and many investors’ expectations regarding the price of Bitcoin (BTC) might not come to pass. The coin has maintained its consolidation moves, hitting a low of $60,612.59 in the past 24 hours.
Bitcoin Price Consolidation To Continue
According to John Bollinger, the creator of the Bollinger Bands indicator, the price of Bitcoin might be far from breaking out. He is known for tracking the performance of Bitcoin over time. This time, the veteran trader said Bitcoin has seen no bounce post-two-bar Reversal at the lower Bollinger Band. By his interpretation, he expects more consolidation moving forward.
No bounce after a Two-Bar Reversal at the lower Bollinger Band, more consolidation expected. #Bitcoin https://t.co/vIH2wo4CsJ
— John Bollinger (@bbands) June 28, 2024
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Judging by the performance in the price of Bitcoin in recent times, this projections appears possible. At the time of writing, BTC price is changing hands for $60,726.66, down by 1.78% in the past 24 hours. This month remains one of the most tumultous for Bitcoin thus far this year.
Per data from Cryptorank, the coin has now slumped by 10.1% Month-to-Date (MTD). Since January, the digital currency is known to close the month on a bullish note except April when it slumped by over 14%. With the disposition of John Bollinger, the likelihood of Bitcoin’s breakout above the crucial resistance level above $62,000 this month is low.
While Bollinger Bands do not predict actual timeline of trend reversal, it presents other insights. This is showcased in the fact that there is an overselling of Bitcoin at the moment.
The spot Bitcoin ETF market is the key catalyst for this selloff. With the different ETF issuers experiencing outflows at different times, retail market drawdown became inevitable.
Recovery Requires Unusual Catalyst
Bitcoin still holds a significant sway in the broader digital currency ecosystem. However, many altcoins are now decoupling from the top coin with its stale price action.
One of the digital currencies in this spectrum is Toncoin (TON). Besides this short period of consolidation, Toncoin has grown by more than 18% thus far this month. One major difference between Toncoin and Bitcoin is the fast-expanding gaming niche on The Open Network.
For Bitcoin price to print its much needed recovery and breakout, it requires an aggressive catalyst. This might come when the SEC grants approval for spot Ethereum ETF to start trading.
Read More: Hong Kong’s Securities Regulator Flags Three Crypto Firms For Fraud
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