Bitcoin (Bitcoin) meandered into the weekly close on July 3 after weekend trade produced a brief week below $18,800.
Bollinger Bands signal volatility due
The couple had left light on volatility overall over the weekend but at the time of writing was still on track for the first weekly close below its previous one halving cycle All-time high since December 2020.
The previous weekend’s action had resulted in a late surge saved the bulls from a close below $20,000.
However, momentum remained weak during the following week’s trading on Wall Street and traders were unconvinced of the potential for a meaningful rebound.
“I’m looking for a downside push into the lower support zone at $18,000 while we are below $19,300. Quick scalp and tight debasement,” popular Twitter account Crypto Tony wrote in an update for the followers of the day.
“I can’t really trust this train because it’s ‘weekend,'” according to another Ninja account continued in another post, adding, “Unless the bulls can push to $19.7K, I don’t think the dump is over.”
Up or down, the upcoming volatility was closely watched by commentators as the weekly close drew nearer. Popular analyst Matthew Hyland noted that the Bollinger Bands indicator is signaling that price conditions are about to become more unpredictable.
— Matthew Hyland (@MatthewHyland_) July 3, 2022
On a daily basis, BTC/USD has been trading near the lower Bollinger Band and threatening to drop below it, reflecting similar volatility seen in May.
Undersea addresses surpass March 2020 peak
New data, meanwhile, showed just how much pain the average Hodler went through after the worst monthly losses since 2011.
To According to on-chain monitoring firm Glassnode, the weekly moving average of the number of unique BTC addresses now at a loss hit a new all-time high of 18.8 million on July 3.
As Cointelegraph previously reported, in previous capitulation events it was 60% of supply needed to see unrealized losses.
“Nearly $40 billion in net realized bitcoin losses since May 1,” On-Chain College analytics account summarized When June came to an end:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.