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Bitcoin Finds Bottom? Key Indicator Hints at Reversal
Legendary trader Peter Brandt has warned investors to be cautious of a potential trap in the current market dynamics. According to recent data, it appears that Bitcoin’s (BTC) weekly chart is displaying a key indicator that could signal a reversal.
The data shows that the lower band on the Bollinger Bands indicator has been breached by price action. In simpler terms, this means that downward pressure weakens and buying interest picks up around $82,500. If this pattern continues to hold, the next key level to watch would be the middle band at $94,500, roughly 13.5% above the current price.
However, it’s essential to note that the weekly time frame is a slower-moving indicator, meaning changes typically take weeks to materialize. As such, any shift in momentum may not happen overnight.
For now, it seems like Bitcoin has found its bottom, but there is still room for a bigger move in the future. There’s no need to rush into making any decisions just yet.
Stay tuned for further updates and market insights as this situation develops.
Source: https://u.today/bitcoin-btc-finds-bottom-key-indicator-hints-at-reversal
