In the cryptocurrency market, which trades 24/7, an astonishing rise has occurred, although at midnight today, it briefly dropped to $78,500. However, a large bullish candlestick followed, setting a new historical high at a price of $81,846. As of the time of writing, the price has pulled back to $81,750, with a 3.21% increase in the last 24 hours.
Bitcoin Daily Chart
First, looking at the Bollinger Bands indicator on the Bitcoin daily chart, the price has broken through the upper Bollinger Band and the market is operating above the Bollinger Bands, showing a strong breakout signal, but it also means that the market has entered an overbought state. At the same time, the three bands of the Bollinger Bands are in a spreading state, indicating increased volatility, which suggests that the market may experience a pullback or consolidation.