Bitcoin (BTC) shows signs that the local uptrend may be ending after being blocked at $110,000, a well-known trading analyst stated.
In a post on X on June 13, John Bollinger, famous for creating the Bollinger Bands volatility indicator, announced that the rebound of Bitcoin from the April low has ended.
John Bollinger believes that since the reversal from a multi-month low near $75,000 in early April, Bitcoin has exhibited classic uptrend behavior.
Reviewing the BTC price movements over the past two months, the renowned analyst divided the rebound into three distinct parts.
After forming a "W" shaped double bottom on the Bollinger Bands, BTC/USD achieved three "push" ups, each accompanied by brief tops and consolidation phases between the rises. Each push also touched the upper Bollinger Band.
Now, after failing to hold the historical high and continue rising, the entire local trend may have ended.
"Three pushes are now confirmed," Bollinger wrote in the accompanying comments.
When discussing the data, he specified that the three pushes "only indicate the end of the previous trend," and this blockage "may signal a reversal or consolidation to come."
Bollinger Bands are one of the most popular volatility indicators used to chart Bitcoin and cryptocurrency market trends. The narrowing of the Bollinger Bands often signals the arrival of a volatile period, and in recent years, BTC/USD has frequently encountered unusually "narrow" periods.
As Cointelegraph has continuously reported, Bitcoin faced multiple price discovery obstacles after a rapid rise in May.
In addition to the resistance from the upper Bollinger Band, sellers have placed a large amount of sell order liquidity between the current historical high and $120,000.
Geopolitical events focused on the Middle East and the impact of the US-China trade agreement have complicated the situation for bulls.
"Tensions have now returned to the levels seen in April," trading firm QCP Capital warned its Telegram channel subscribers while discussing cryptocurrencies and risk assets.
"The market is in a bind, preparing for further escalation or a sudden turn towards de-escalation through diplomatic channels."
QCP acknowledged that Bitcoin, in particular, "has maintained relative resilience, highlighting ongoing institutional demand."
This article does not contain investment advice or recommendations. Every investment and trading action involves risks, and readers should conduct their own research before making decisions.
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Original: “Bitcoin (BTC) Price Bollinger Bands 'Blocked' May Lead to End of Uptrend at $112K”
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