Bitcoin's price action proves once again that the crypto market is anything but predictable. Yesterday, it jumped 10% to a high of $93,604. Today, it lost 5%, sinking to a low of $89,100. A familiar story - big moves up, equally big corrections down. It may have caught some traders off guard, but the warning signs were there.

One of them? The Bollinger Bands. This popular indicator, created by John Bollinger, was flashing caution. 

Even with the pump, Bitcoin could not hold above the middle band on the daily time frame. It closed there, but that was not enough. Instead of pushing higher, the price slipped back down, setting the stage for today's decline.

As a result, another painful round of liquidation hit the market. Leveraged positions worth $1 billion were wiped out, a reminder that aggressive risk-taking in crypto often comes at a price. With BTC now trading below the mid-range, the market bias is bearish. Not dramatically so, just structurally weaker.

Is worst ahead?

If nothing changes soon, the lower Bollinger Band - down to $83,400 - becomes the next logical target. This is not about panic; it is about probability. Bitcoin's inability to hold key levels suggests that sellers still have the upper hand. Buying pressure is there, but it is not dominant. 

For now, price action remains under pressure, and the market is leaning toward testing deeper support.

Of course, crypto is known for reversing trends when least expected. A push back above the middle band could reset the outlook. But for now, Bitcoin traders are keeping a close eye on these bands.