Bitcoin volatility marked a four-month low after the number one cryptocurrency decreased less than 2 percent in the past 24 hours. However, the price remains above $10,000 for now as we can see in the latest cryptocurrency news reports.
Things are looking relatively since the Bitcoin volatility for the past 30 days has dropped to a new low that was seen in May 2019. Yet, if history is any indicator, this usually predicts a new violent move in an unknown direction. For the past 8 days, Bitcoin was trading in the range between the $10,000 level and $11,000 and its dominance index hovered around 70 percent. The volatility of the number one cryptocurrency is a double-edged knife as we already know. This could also be a good indicator for some because it gets rid of the weak hands of the market and guarantees that BTC goes to the strongest users. At the same time, it could also indicate the scarcity of the cryptocurrency because of the static supply.
On the other hand, the volatility is usually associated with the price and market manipulation so this is among the first reasons why the US Securities and Exchange Commission still is not approving Bitcoin ETFs. The volatility also has a lot of influence in trading making the entire process riskier. The traders usually see this as an advantage because they aim to make some more capital on the sudden price moves but those who are less advanced will experience some serious losses because of the harsh swings. It is also worth mentioning that the fundamentals for the cryptocurrency are looking much stronger since the hash rate is also increasing rapidly which could be related to the increased network security. At the same time, the Bakkt launch is also a major factor because it is among the most awaited events in the crypto community.
The bitcoin halving event is also waiting to take place which will decrease the supply of Bitcoins on the market in half and will drive the price even higher as it has already done in the past. Back in May, the volatility levels were as low as they are now and the price increased as twice as it did in June. Of course, as we read in the altcoin news previously, it is possible that the violent price swings could go in another direction.
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“$BTC Red Alert!! Big move should happen in the next few days or early next week!! Ema’s are all bunched up together. And right at resistance,” he wrote on Twitter.https://twitter.com/CryptoFib/status/1173407775965233152 The trader also elaborated on a potential Bitcoin breakout. He leaned to the low side, suggesting a wick down below $9,000 which would not last for very long.
“It has always been my theory that $BTC is just building a new base to move off of. Could it wick down to 8500? Sure it could, but too many people are looking at that area and calling it,” he said.Other traders also suggested that a big move could be coming Bitcoin's way very soon. Right now, the bulls are struggling to overcome resistance at $10,450 and BTC has been below that for the past week. On the low side, a fall to $10,000 is where the first support zone for BTC lies. Just like DC Forecasts, many other best cryptocurrency news sites reported about something big potentially coming this week.
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