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Since the beginning of the week, the price of Bitcoin added over 2.3%, but what is more important is that it made it back above $88,000 per BTC. The move came suddenly and unexpectedly for most crypto market participants.
The price action of the leading cryptocurrency was very uncertain in recent weeks, and not many opted to go long when the price was dwindling on the edge of a big collapse to all-time highs of 2021. Macroeconomic instability and political turbulence added to overall fear and doubt.
However, as of March 25, Bitcoin is soaring, and several indicators signal that this move might not be the final one and that the destination is higher. One of the most widely used and battle-tested indicators of the financial market, the Bollinger Bands, in particular, signals that Bitcoin may soon hit a $94,700 price point.
This is where, right now, the middle band is represented by a 20-day moving average on the weekly time frame. In recent weeks, Bitcoin found a solid base at the lower band of the range formed by the indicator, and in the last 15 days, it showed a solid 14.88% rebound from it.
Higher
Now, here’s is where things get even more interesting; if the tendency continues, BTC may soar another 7.8% to test buyers and sellers at the middle band. What comes next depends only on who wins the tug-of-war.
The upper band on the weekly time frame is stretched at $107,180 per BTC right now, very close to the relevant all-time high of the leading cryptocurrency.
Still, the real question is if Bitcoin (BTC) has the strength to push through the resistance ahead, or are we in for yet another rejection?
History has shown that major moves often follow a long period of uncertainty, and if that pattern continues, we might be looking at something much bigger brewing beneath the surface. Right now, however, everyone is keeping their eyes on the lower part of the range formed by the Bollinger Bands.