Renowned trader John Bollinger, famous for developing the Bollinger Bands trading indicator, has turned his focus back to Bitcoin, hinting at a possible 'Upper Band' breakout
Bollinger Bands are primarily used to measure the market's highness or lowness relative to previous trades."And there is the first tag of the upper Bollinger Band after a new set of controlling bars was established at the lower band. The question is now can we do a walk up the upper band? Too early to answer," tweeted Bollinger.
CoinGecko data showed that Bitcoin's price reached $27,000 and its market dominance crossed the 50% threshold on Monday. This marks a substantial shift in market dynamics, particularly as many altcoins are either stagnant or declining in value. Although Bitcoin's price is still 4.5% below its June high and 22.5% down from its January peak, it has shown resilience compared to other cryptocurrencies.
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