The Bitcoin price has fallen to the lower end of its almost one-month trading range between $29,800 and $31,300. Already yesterday, BTC briefly fell to as low as $29,704, only to recover to $30,306 within a few hours. At press time, BTC was again moving towards the $30,000 mark, and another fall and liquidity grab seems likely. While this week the macro data releases are pretty quiet, it’s worth taking a look at what’s happening in the Bitcoin market itself. Why Is Bitcoin Down Today? Swissblock Insights observed a peculiar calm in the market when Bitcoin reached a new yearly high of $31.840 last week. However, the momentum quickly faded, and selling pressure increased, causing BTC to drop to the low $30ks. They highlight the narrow Bollinger Bands, stating, “The Bollinger Bands are very narrow, with only a 4.2% value difference separating the upper and lower bands. A move is brewing.” Moreover, the analysts emphasize the need for a significant catalyst to inject life into the current lackluster scenario: Volatility is expected to appear on the scene, although, in the short te ..
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