Another week almost down and done; Bitcoin is currently moving over and right under $32,000, breakout coming soon?

Bitcoin Rangebound in Anticipation of a Major Move: The Weekly Crypto Recap

It was a tough week price-wise in the cryptocurrency market. The total capitalization lost around $100 billion as every single coin from the top 20 is in the red. Some lost more than others, but we’ll get to that later.

Kicking it off with Bitcoin. It had a relatively calm week, and even though it’s down about 3% over the period, it’s still not as bad as a lot of the altcoins. BTC was trading at around $34,000 last Friday, and apart from a brief positive spike on Monday, it was all downhill from there. Towards the beginning of the working week, the cryptocurrency started plummeting to reach as low as $31K. At the time of this writing, it’s trading at $31,900.

However, it’s worth noting that the range within which BTC is trading is getting thinner. As reported earlier in the week, the Bollinger Bands – an indicator measuring the price’s standard deviations relative to an SMA – are squeezing hard. This is a typical precursor to a huge move. The last time they were at the current rate was all the way back in October. At the time, the cryptocurrency was trading at about $10K, and there was a massive breakout to the upside that followed.

Full article here: https://cryptopotato.com/bitcoin-rangebound-in-anticipation-of-a-major-move-the-weekly-crypto-recap/