Bitcoin Set to Enter Disbelief Phase — Should Hodlers Prep for $2.8K?

Bitcoin price (BTC) performed as expected over the past week as 8% was shaved off its price of $7,571.80 between Dec. 8 and Dec. 14. Currently, Bitcoin has a distinct lack of bullish indicators that offer any hope of a short term reversal and even John Bollinger, the founder of the Bollinger Bands indicator tweeted out this somewhat cryptic tweet on Dec. 13.

When the bands are wide, traders usually watch the price play between the MA and resistance, which means the MA serves as a level of support as well as between the MA and the support, in which case the MA becomes the resistance. Source: TradingView Bitcoin price is sitting on the Bollinger Band support around $7,100 and if the bulls were to take control, the key resistance levels would be the moving average at $7,320 then $7,600 for a breakout.

Timeline of Bitcoin