Bitcoin (BTC) meandered into the weekly close on July 3 after weekend trading yielded a brief wick below $18,800.
Bollinger Bands signal fluctuations due to
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD, holding on to $19,000 for the third day in a row.
The pair was less volatile overall over the weekend, but at the time of writing is still on track for its first weekly close below its all-time high during the last halving cycle since December 2020.
The action over the weekend produced a late surge that saved the bulls from closing prices below $20,000.
However, momentum remained weak in Wall Street trading for the following week, with traders not convinced by the possibility of a sharp rebound.
“In our case below $19,300, look to push it down to the lower support area of $18,000. Quick scalp and strict void,” popular Twitter account Crypto Tony wrote in an update to followers of the day road.
“I really can’t believe this move because it’s ‘weekend dad,'” Ninja continued in another article, adding that “if the bulls can’t push above $19,700, I don’t think the sell-off is over.”
As the weekly close approaches, commentators are keeping a close eye on the upcoming volatility. Popular analyst Matthew Hyland noted that the Bollinger Bands indicator suggests that price conditions will soon become more volatile.
#Bitcoin Bollinger Bands are tightening on the daily timeframe as seen by the width indicator: pic.twitter.com/c0bqmMfdSi
— Matthew Hyland (@MatthewHyland_) July 3, 2022
On the daily time frame, BTC/USD is trading near the bottom of the Bollinger Bands, with the potential to break below, a performance similar to the volatility that occurred in May.
Underwater addresses surpass March 2020 peak
Meanwhile, the latest figures show just how much pain the average scammer is going through after suffering its worst monthly loss since 2011.
Related: Bitcoin Indicators That Peg All Bottoms Predict $15,600 BTC Price Floor
The weekly moving average of unique BTC addresses currently losing money hit an all-time high of 18.8 million on July 3, according to on-chain monitoring firm Glassnode.
As previously reported by Cointelegraph, in previous capitulation events, 60% of the supply needed to see unrealized losses.
“Bitcoin has lost nearly $40 billion in net realisation since May 1,” the analytical account On-Chain College concluded in June.
“Some people quit, some stick around. One thing’s for sure – if you’ve been in this space for the past year and you’re still here, you’ve been through quite a bit of volatility.”
The views and opinions expressed here are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk and you should do your own research when making a decision.