The Last Time This Indicator Was So Tight Was On Nov-18: Before Bitcoin Price Plunged To $3000
This has led to a 3% decrease in Bitcoin’s dominance, which measures the share of BTC relative to the entire market capitalization. However, BTC’s Bollinger Bands, an indicator that measures the standard deviation from a moving average, are particularly squeezed.
In other words, just because last time the Bollinger Bands were so squeezed BTC’s price dropped, it doesn’t necessarily mean that the upcoming movement will be bearish. As CryptoPotato reported earlier this week, a massive move in the price of Bitcoin may quickly halt the ongoing altcoin season, as it’s almost always the case.