Bitcoin (BTC) marked a major end in May, but doesn’t look that good in June. After hitting a record high of $111,980 last week, Bitcoin has returned to the $104,000 range.
Daily Bollinger Bands tracking volatility and trend shifts have narrowed a lot after their peak in May. Price action travels towards the lower half of the band’s range and is currently hovering near the midline for $104,278. If you fall down the lower band, you could hit the six-figure level again.
This comes after a big jump in the second quarter, when Bitcoin prices slipped out of its holding pattern of $70,000 to $90,000, which was in months. The $100,000 point was considered a theoretical limit in the past, but is now considered a solid baseline. Now we’re testing it.
Daily charts show that volume is decreasing and the candles show indecisiveness near a critical resistance of around $106,000. The weekly view shows that a wider uptrend is working, but it is clear that short-term emotional changes are occurring when the current weekly candles are red.
The next few days should show whether this is a temporary dip or a more serious pullback to the five-digit area.
