The co-founders of the crypto analytics firm Glassnode believe Bitcoin (BTC<\/a>) is about to soar as it holds above $28,000.<\/p>\n Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say<\/a>\u00a0a key indicator is flashing for the crypto king.<\/p>\n The traders look at the Bollinger bands bandwidth (BBW), a price volatility gauge. The upper and lower bands widen when volatility declines while the bands contract when volatility is about to explode.<\/p>\n \u201cBollinger bands width has dwindled to a mere 0.20. This level has previously been linked to major volatility events in BTC\u2019s history. <\/em><\/p>\n Notably, the Bollinger bands 50 and the moving average (MA) 50 are positioned below the candlesticks, a bullish indicator hinting that the price is expected to surge above these levels. <\/em><\/p>\n Brace yourselves. History shows that significant price fluctuations tend to follow such squeezes. Volatility is brewing, and it\u2019s about to make its grand entrance.\u201d<\/em><\/p>\n The traders also say<\/a> that Bitcoin\u2019s risk signal, a metric that gauges the level of risk of a major price dip, indicates BTC is finding support at the $28,000 level after briefly touching $30,000 on Monday. The metric also indicates BTC may soon make another move to the upside.<\/p>\n \u201cAre bulls taking control as they rally around the $28,000 zone? Main takeaways: <\/em><\/p>\n Conclusion: risk signal at zero, hinting at a bull run environment.\u201d<\/em><\/p>\n The traders say that the $28,000 level for BTC is significant for a number of reasons.<\/p>\n \u201cWhy does the $28,000 level for Bitcoin matter? <\/em><\/p>\n 1. Immediate surge: after recent publications, BTC experienced a sharp rise across trading platforms. On the Binance BTC\/USDT market alone (accounting for 8% of BTC\u2019s 24-hour volume), it jumped from $27,880 to $30,000. That\u2019s a 7% increase in just about 30 minutes! <\/em><\/p>\n 2. Critical milestone: the crypto market is hinged on BTC\u2019s ability to breach and consistently maintain a value north of $28,000. <\/em><\/p>\n 3. Brief touch: while this pivotal milestone was momentarily attained on futures, the spot market price peaked at $27,980 earlier today. It\u2019s evident just how crucial this price point is in the larger scheme. <\/em><\/p>\n 4. Takeaway: the rapid movements and these price thresholds aren\u2019t just numbers. They signify investor sentiment, market dynamics. Keep an eye out for the $28,000 level.\u201d<\/em><\/p>\n Bitcoin is trading for $28,740 at time of writing.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>\n
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