What's happening with the Bitcoin (BTC) price right now is probably the question that bothers everyone involved in the crypto market, but from a Bollinger Bands perspective, the answer to this is a tough one. Bitcoin is currently trading at $112,498, below the weekly Bollinger midband of $113,744 and below the line that determines the direction of the trend.
Once the price closes below the intermediate band, the focus shifts to the lower bands. The current price is $103,752, close to the October low set during the brutal “Black Friday” crash on October 11th.
October's lows were rapid but short-lived. However, the fact that the lower bands are now aligned in the same zone suggests that Bitcoin may revisit it soon. The $103,000 to $102,000 range is no longer just history. It is now the most important area on the chart.
Market movements show that the market is weak every day. There have been several attempts to reach highs above $116,000 this month, but without success. This led to a series of high price declines.
tough scenario
Today's close was around $112,396, indicating that demand remains low and supply continues to limit any rebound. Volume is present enough, but not strong enough to suggest wealth is being accumulated.
If BTC price can rise above $113,744 soon, the pressure will ease and the chart will stabilize. A break below this level would point the band directly to the $103,000 to $102,000 zone.
For traders heading into November, that range will be an important indicator as support to re-establish or as a line to break.
