The post Bitcoin Faces Consolidation as Analyst Predicts Sideways Movement appeared on BitcoinEthereumNews.com.

Bitcoin’s weakening dominance hints at a potential altcoin season. Technical analysis suggests Bitcoin could face further price declines. Investor confidence in Bitcoin remains despite recent struggles. The crypto market is abuzz with speculation on a potential “altseason” – a period of significant growth for alternative cryptocurrencies – as Bitcoin’s dominance shows signs of weakening. This speculation is fueled by technical analysis from a crypto influencer, The Moon and John Bollinger, creator of the widely used Bollinger Bands indicator. The crypto influencer highlighted Bitcoin’s potential for an upcoming altcoin season, noting that Bitcoin’s dominance is showing signs of breaking down from a rising wedge pattern. This observation aligns with insights from renowned technical analyst John Bollinger, creator of the Bollinger Bands indicator. Bollinger’s analysis emphasizes that Bitcoin is currently in a period of consolidation, following a recent 7% drop that saw its price reach a low of $59,478. Despite initial attempts to rebound, Bitcoin has remained range-bound between $60,100 and $62,300, reflecting ongoing market indecision and investor caution. Bollinger Bands, which consist of a middle band based on a 20-day moving average and upper and lower bands representing standard deviations, are crucial in identifying potential market trends. Bollinger’s assessment, particularly the absence of a significant price bounce after a two-bar reversal at the lower Bollinger Band, suggests underlying weakness in Bitcoin’s support levels, raising the risk of further price declines. Source: TradingView Currently, Bitcoin is trading at around $60,629, with a minor 0.9% decline in the last 24 hours. However, trading volume has surged by 15.95%, reaching $19.8 billion, indicating active market participation amid attempts to stabilize prices. June proved challenging for Bitcoin, with an 11.69% decrease as prices briefly dipped below the $60,000 mark. However, investor confidence remains resilient, evidenced by recent substantial purchases such as a notable acquisition of…

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Filed under: News - @ June 29, 2024 9:16 pm