Bitcoin (BTC) faltered at the weekly close on July 3 after the weekend’s trading produced a short wick below $18,800.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bollinger Bands Indicator Indicates Due Volatility
It followed the data from Cointelegraph Markets Pro and TradingView BTC/USD as it stuck firmly to $19,000 for the third day in a row.
The pair had highlighted volatility in general over the weekend, but at the time of writing it was still on track for a first weekly close below the all-time high of the previous halving cycle since December 2020.
The previous weekend’s action triggered a late rally which saved the bulls from closing below $20,000.
Momentum remained weak over the course of the following week’s trading on Wall Street, but traders were not convinced of the potential for a major rebound.
“I am looking for a push down to the lower support area at $18,000 while we are below $19,300. Quick scalp and tight voiding,” popular Twitter account Crypto Tony wrote in an update to followers today.
“I can’t really trust this move because it’s ‘weekend,'” Ninja’s colleague’s account continued, adding that “if the bulls can’t push it to $19.7k, I don’t think the dump is over.” ”
Up or down, commentators have been looking closely at the incoming volatility as the weekly close approaches. The famous analyst Matthew Hyland noted that the Bollinger Bands indicator indicates that price conditions will soon become more volatile.
On the daily time frames, BTC/USD is trading near the bottom of the Bollinger band, which is threatening to dip below it as an expression of volatility similar to what happened in May.
BTC/USD 1-day candle chart (Bitstamp) with Bollinger bands. Source: TradingView
Underwater titles beyond peak March 2020
Meanwhile, new data shows just how much pain the average worker has been in after the worst monthly losses since 2011.
Related: Bitcoin Index Holding All Bottoms Predicts a Minimum Price of $15.6K BTC
According to on-chain monitoring firm Glassnode, the weekly moving average number of now-losing unique BTC addresses reached a new all-time high of 18.8 million on July 3.
As previously reported by Cointelegraph, in previous capitulation events, 60% of the supply needed to see unrealized losses.
Bitcoin addresses in loss chart. Source: Glassnode
“Nearly $40 billion in Bitcoin Net losses realized since May 1,” On-Chain College Analytics account summed up in June is coming to an end:
“Some have quit, others are stuck. One thing is for sure – if you’ve been in this space for the past year and are still here, you’ve gone through a lot of ups and downs.”