The Bitcoin weekly Bollinger Band width has reached historical lows, indicating a potential directional breakout in the coming weeks.

BlockBeats News: On March 24, the price of Bitcoin has continued to fluctuate in a wide range of $76,600 to $87,500 since March 11, and technical and on-chain indicators show that this consolidation phase may last for several weeks. The market is focused on two core issues: the direction of the breakthrough and the timing of the catalyst. Analyst Daan Crypto Trades said that if Bitcoin regains its previous high of $90,000, it will quickly start a new high, and if the upward offensive fails, it may retrace the summer consolidation range of $73,000-74,000. The current price is in the "middle ground", and there is no overwhelming advantage for both long and short sides. Crypto firm Rekt Capital said it needs to close above $88,400 (21-week EMA) on a weekly basis to confirm a breakout signal, and the current candlestick pattern is similar to the $40,000 breakout in 2021, signaling a possible sharp rise in the future. The funding rate reveals the recent market sentiment, and the current funding rate of CEX perpetual contracts across the network is close to 0%, indicating a long-short stalemate. The neutral funding rate reduces the cost of holding options, but it also dampens volatility in the short term. The volatility squeeze heralds an imminent change, with weekly Bollinger Bands hitting all-time lows, similar to July-October 2024 ($63,000-$69,000 consolidation) and June-September 2023 (before the $24,400 launch). After the previous two extreme contractions, Bitcoin rose by 60% and 176%, respectively. If history repeats itself, there may be a directional breakthrough in the coming weeks.