Bitcoin is on the verge of a potential price breakout above $110,000, as indicated by the Bollinger Bands, a tool used to analyze market volatility and momentum. On July 6, crypto analyst Crypto Rover noted that the Bollinger Bands for Bitcoin have tightened significantly, the tightest in 12 months, suggesting a substantial price movement may be forthcoming. Historical trends indicate that such compressions often precede bullish actions; for instance, Bitcoin rallied 75% earlier this year under similar conditions. Other traders, including Cantonese Cat and Frank Fetter, echoed the sentiment that a major price shift is close, with Fetter highlighting the current low volatility range. John Bollinger, creator of the Bollinger Bands, expressed renewed bullish sentiment, suggesting that Bitcoin is likely set for an upside breakout. Market conditions, including strong institutional demand and favorable on-chain metrics like the MVRV ratio, which remains above its moving average, support a sustained bullish trend. Recent macroeconomic factors, such as the expansion of the global money supply, may also drive Bitcoin's price toward potential new highs within upcoming months.

Source 🔗