Bitcoin’s Rollercoaster: Is the Uptrend Over? 🎢💔

by

Key points:

  • BTC price action has been playing hard to get with the upper Bollinger Band since April. 🙄

  • The genius behind the metric thinks the local uptrend might just be waving goodbye. 👋

  • Bitcoin bulls are facing more headwinds than a kite in a hurricane this June. 🌪️

So, Bitcoin (BTC) is throwing in the towel on its local uptrend after getting rejected at $110,000. Who knew a number could be so cruel? 😢

In a dramatic post on June 13, John Bollinger, the mastermind behind the Bollinger Bands, declared that Bitcoin’s comeback from its April lows might just be over. Cue the sad violin music. 🎻

Bollinger Bands Rejection: BTC Price Drama Unfolds

Bitcoin has been strutting its stuff with classic uptrend behavior since it bounced back from the depths of despair near $75,000 in early April, according to our friend John Bollinger. 💁‍♂️

After analyzing BTC’s price action over the last two months, the celebrated analyst broke down the rebound into three distinct sections. Because why not complicate things? 🤷‍♀️

After a “W”-shaped double bottom on the Bollinger Bands, BTC/USD made three “pushes” higher, each separated by a brief top and a little “let’s take a breather” phase. Each push was like a trip to the upper Bollinger Band—fun while it lasted! 🎢

But now, after failing to hold onto those all-time highs, it seems the local trend might just be over. Thanks for playing, folks! 🎤

“Three Pushes now confirmed,” Bollinger wrote, probably while sipping a cup of tea and shaking his head. ☕

Discussing the data, he noted that three pushes “just means the end of the prior trend.” So, basically, it’s like a breakup: “It’s not you, it’s me.” 💔

Bollinger Bands are one of the most popular volatility indicators used to chart Bitcoin and crypto market trends. A narrowing of the bands tends to precede periods of volatility, which is just a fancy way of saying, “Hold onto your hats!” 🎩

Bitcoin Bull Run Barriers: The Struggle is Real

As CryptoMoon continues to report, Bitcoin is facing more hurdles than a track and field event after its swift gains in May. 🏃‍♂️💨

In addition to upper Bollinger Band resistance, sellers have set up large blocks of ask liquidity between current all-time highs and $120,000. Because why make it easy? 🙄

Geopolitical events focused on the Middle East and US-China trade deal ramifications have made things even messier for our dear bulls. 🥴

“Tensions have now returned to levels last seen in April,” trading firm QCP Capital warned their Telegram channel subscribers while discussing crypto and risk assets. Sounds like a soap opera! 📺

“Markets are stuck in a bind, bracing for either further escalation or a sudden pivot toward de-escalation through diplomatic channels.”

QCP acknowledged that Bitcoin, in particular, had “remained relatively resilient,” which is just a fancy way of saying it’s still hanging in there despite the chaos. 💪

Read More

2025-06-13 13:08