Bitcoin Could Face Further Declines as Bollinger Bands Indicate Wider Volatility Range
Main Idea
Bitcoin's price may decline further as Bollinger Bands indicate increased volatility, with potential support levels at $116,300, $112,000, $76,000, and $35,000.
Key Points
1. Bitcoin has dropped below its 20-day moving average near $118,100, with the next support level at $116,300.
2. If $116,300 support fails, Bitcoin could test $112,000, with a severe downturn potentially reaching $35,000.
3. The weekly Bollinger Band lower boundary around $76,000 acts as a mid-term support level without disrupting the bullish trend.
4. Monthly Bollinger Bands suggest $35,000 as a technical bottom in extreme market conditions.
5. Bitcoin's volatility, measured by Bollinger Bands, highlights downside risks but a drop to $35,000 remains a remote possibility.
Description
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