The price of Bitcoin has constantly remained below the $61062 level for the last three weeks. With bulls not leading the price action above $60000 and bears being unable to break down to $55000, BTC has not reached a new ATH for 25 days.
Bitcoin on the 6th of April 2021, witnessed the second and third transactions of the year. Two transactions of 35237 and 30000 Bitcoins took place in a single one-hour window of on-chain volume.
The significance of this whale movement draws back a parallel to the price trajectory of 2019. The Whale transfers of 2019 triggered a 200% rally in price. Hence, it can be anticipated for these movements to spike the price to $64000 level.
The Bollinger Bandwidth
The well-liked price chart indicator Bollinger bandwidth hints at a huge spike or a huge plunge is just around the corner.
As there has been a continuous absence of clear directional bias, the price volatility metric Bollinger bandwidth has plunged down to its four-month low of 0.15.
What history tells us is, in 2017, each time the metric reached 0.15, the price has had huge movements.
In the previous timelines, the metric fell to 0.15 in February, April, and October 2017 and spiked a huge price rally. Whereas in March July and September the prices plunged facing corrections.
In the current situation, the volatility depicts both the possibility of an uptrend or a downtrend.
It’s been noticed, Bitcoin’s current state is mostly like the early December one, which had triggered a rally.
After a good bull run and long hovering, the markets are said to be overstretched. Hence, which way will the Bitcoin price swing is to be watched out for.