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Bitcoin’s Weekly (Low) Price Volatility Falls To A 2018 Low



The Bitcoin price volatility has been one of the main topics in the Bitcoin news section of our cryptocurrency news website mainly because of its record-breaking lows. In the latest news, the Bitcoin price volatility dropped again, this time reaching a new 15-month low.

The weekly volatility of Bitcoin, which is calculated by the difference between the high and the low, fell to $317 last week which was the lowest reading since the first week of July 2017, according to data from Bitfinex.

What’s more important is the fact that the leading cryptocurrency witnessed a trading range of $398 and $741 in the previous two weeks, indicating that Bitcoin (BTC) is being squeezed in a price range and a market where a decisive move is overdue.

There are also other measures of Bitcoin’s price volatility which are echoing similar sentiments. One of them is the Bollinger bandwidth, a technical analysis tool used to measure standard deviations of a price’s moving average. This measure has also fallen to the lowest level since December 2016.

Currently, Bitcoin is trading at $6642 with a small increase (0.82%) over the course of the past 24 hours. After defending $6,100 and creating a bullish outside reversal in the third week of September, Bitcoin is now stable – but its follow-through is far from encouraging at this point.

Right now, only a convincing upside move above the trendline would confirm a bullish breakout and cover these record lows.

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Bitwise To SEC: 95% Of Volume On Unregulated Exchanges Is Suspect

A new analysis by Bitwise tells that 95% of the volume on unregulated exchanges selling Bitcoin (BTC) seems to be fake or without any economic value in nature, as the latest digital currency news show. The cryptocurrency index fund provider Bitwise Asset Management came with the data, arguing in a report that is dated March 20th. Bitwise reported the data to the US Securities and Exchange Commission (SEC) as part of the proposed rule change for its application to launch a Bitcoin (BTC) Exchange Traded Fund (ETF). As the analysis opens, there is around $6 billion in daily traded volume for Bitcoin across the spot markets. It further claims:
“Under the hood the exchanges that report the highest volumes are unrecognizable. The vast majority of this reported volume is fake and/or non-economic wash trading.”
Bitwise sources its data from the widely known statistics tracker CoinMarketCap (CMC) which claims to include a large amount of this suspect data, “thereby giving a fundamentally mistaken impression”  on the true size of the Bitcoin marketplace. The claims also cite that 95% of the reported volume is fake and that the real market for BTC is “significantly smaller, more orderly, and more regulated than commonly understood” - which roughly amounts to $273 million. After analyzing the regulated exchanges - using Coinbase Pro as a case study - Bitwise reveals the nature of the trading patterns that is trustworthy. The key characteristics include an “unequal and streaky” mix of red and green (sell and buy orders) whose distribution fluctuates considerably at any given time. The report also cites that the trading patterns on Coinbase Pro reveal “a greater-than-random number of round trade sizes,” which it characterizes as “more natural,” typically human behavior. Bitwise noted:
“It’s [the spread is] $0.01. At the time this screenshot was taken, bitcoin was trading at $3,419. That means bitcoin was trading at a 0.0003% spread, making it amongst the tightest quoted spread of any financial instrument in the world.”
In the conclusion of Bitwise's report you can see that the overall findings “demonstrate that this ETF application [for its Bitwise Bitcoin ETF Trust] meets both” of the conditions requested by the SEC on how a Bitcoin ETF could satisfy the requirements of the Exchange Act.
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Bitcoin Goes Below And Above $4,000 Again: What’s Causing This Fluctuation?

The latest Bitcoin news show that Bitcoin (BTC) is now under the $4,000 threshold, disappointing many after its bullish run which triggered many other altcoins to surge. The price of BTC traded to a new weekly high above $4,060 before falling sharply against the US Dollar and going below $4,000. Currently, the trend is affecting every altcoin too. Ever since the price broke the key $3,960 support level and tested the $4,000 support levels, Bitcoin looked good - but things changed and a short-term bearish trend line formed with a resistance near $4,015 on the hourly chard of the BTC/USD pair. According to analysts, it was the next key support for Bitcoin at $3,875 that prevented further declines. After a swing low was formed at $3,872 - the price bounced back sharply. The 23.6% Fibonacci retracement level fell from $4,065 to $3,872 and BTC rebounded above the $3,950 resistance level. At the moment, Bitcoin has managed to go over $4,000 again - but is very unstable. The current price that BTC is holding onto is $4,034. The main resistance is now near $4,000 and the 61.8% Fibonacci retracement level proves this instability. Looking at the chart, Buyers might now find it difficult to gain strength above the $4,000 and $4,020 levels . If there are hurdles in the future, there could definitely be another bearish reaction that could move Bitcoin back to the $3,900 waters. The current technical indicators are as following:
  • Hourly MACD – The MACD is slowly moving in the bullish zone, with a positive bias.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting higher, but it is still well below the 50 level.
  • Major Support Levels – $3,950 followed by $3,920.
  • Major Resistance Levels – $4,000, $4,020 and $4,060
According to a prominent analyst, Bitcoin has a massive potential to surge significantly higher, even to $400k in the future. Naeem Aslam, who is a popular crypto trader, has yesterday explained that the lack of buying pressure above $4,000 is likely to lead BTC to a price of $3,500 which may be reached soon if the bulls are unable to keep BTC stable above $4,000. It seems like Rager is right. However, his more controversial statement was aimed at Bitcoin's future and the $400k price level which according to him, is definitely manageable in the future - and is not a "fool's paradise" as he stated.
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Bitcoin (BTC) Is Likely To Surge To $400k, According To Prominent Analyst

The recent price action of Bitcoin is confusing many. As the latest crypto news show, Bitcoin (BTC) is up and down on the $4,000 level, not establishing a safe ground but still being stable in the $4,000 waters. What no one can tell is if this rollercoaster is going to end or if the market will finally get in a bullish scenario. However, according to recent comments from one prominent analyst, Bitcoin's price potential is beyond awesome - and BTC has to surge significantly higher in order to reassure embattled crypto investors who have been discouraged by the recent market conditions. Josh Rager is the name of the popular cryptocurrency trader who made the news recently. In times when Bitcoin is fluctuating above and below the $4,000 mark - he believes that it is the bulls that need to maintain BTC's stability above $4,000.
“$BTC Weekly Chart. Gandalf is holding $BTC below the mid $4,200 level. Bitcoin shall not pass the current resistance. So my target for the next drop has an aim at previous support near mid $3,500s,” he explained. Another chief market analyst at Think Markets UK named Naeem Aslam, also spoke about the key importance of the $4,000 level, noting that it will set a trend for which direction the markets could head next. As he said:
“Questions are being asked constantly when it comes to Bitcoin’s battle with the $4000 mark. The result of this battle sets the tone for a bullish or bearish trend. This price level has become a matter of death or life for crypto traders.”
Aslam also believes that Bitcoin could eventually surge as high as $400k, even though the current price indicators don't show that. He explained:
“I personally believe that each Bitcoin can go up as much as $400K and if history repeats itself, this number is not a fool’s paradise. This is a simple math calculation: approximate percentage projection of the price which we experienced during the last bull run.”
Another popular figure in the crypto industry named Ryan Selkis, spoke about the absurdity of purchasing a bottom in times when BTC has a massive potential. As he tweeted:
“I’d be extremely surprised if the bottom wasn’t in for this $BTC bear market. If you’ve been on the sidelines, what are you waiting for if not now? If you’re a long-term bull, the 5 year EV is 25-50x, and you’re going to wait to time an entry that’s 20% more attractive?”      
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Altcoin News

Most Cryptocurrencies Report Slight Losses, Bitcoin Cash Grows Continuously

At the start of the week, today, Monday 18th, most of the top 20 cryptocurrencies are experiencing some slight losses and in today’s altcoin news we take a look at the crypto market price analysis. The number one cryptocurrency dropped down by one-tenth of a percent today and is now trading at $4,024 according to the data from CoinMarketCap. If you take a look at the weekly chart, the current price is higher about three percent than $3,906 which was the price at the start of the week. Ethereum (ETH) is still the largest cryptocurrency by a market cap which reached up to $14.6 billion. ETH is down by one percent over the past 24 hours. Currently, ETH is trading around $139 after starting the day at $140. On the weekly chart, Ethereum saw some increase action by more than four percent. The second-largest altcoin Ripple lost about three-quarters of a percent over the past 24 hours and is currently trading at $0.315. By looking at the altcoin’s weekly chart, we can see that the current price higher by a one and a half percent than $0.310 which was the starting price of the week. Among the top 20 cryptocurrencies, Bitcoin Cash (BCH) is the one altcoin that experienced growth by more than 5 percent. Dash and Maker both increased by one and a half percent. The total market cap of all cryptocurrencies is now $139.3 billion which is higher by four percent from its position a week ago. Among the other altcoins which see green are Digitex Futures and Lisk, both surging by 17% on the day. The other token of, MCO, is also up 17% right now. It is also important to make a comparison between the crypto and the stock market. The stock market also achieved some slight gains today after the S&P 500 increased by 0.15 percent and Nasdaq by 0.17 percent. The CBOE volatility index also gained a little less than 3 percent to press time. On the EU market, we can also notice that shares at Deutsche Bank and Commerzbank jumped by 3 percent after the banks announced a possible merger. The oil futures show mixed movements today after the WTI Crude increased up by 0.05 percent and Brent Crude increased 0.22. Opec Basket is also up by 1.04 percent.
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