Shared Leading Signal for Bitcoin
While the weekly consolidated price range of Bitcoin (BTC) has reached the lowest levels of the last 3 years, the expectation of high volatility has been put forward recently. On-chain analytics platform Glassnode, in a post on its official social media account, stated that the Bitcoin 7-day consolidated price range has reached one of the lowest levels in the last 3 years.
Underlining that there is only a 3.4% difference between the highest price range of the last 7 days and the lowest price range, Glassnode pointed out that similar scenarios were experienced in June 2020 and earlier this year. In this context, taking into account the past data, the platform pointed out that the narrowing trading ranges bring along high volatility, and stated that it expects a high volatility breakout in the current situation.
Although there is no relationship between the direction of the volatile movement and the narrowing price range, it is thought that Bitcoin, which has gained more than 65% since the beginning of the year, may continue its upward movement. It was among the suggested possibilities that if volatility increases, Bitcoin may experience a 10% rise towards the $30,000 level. According to Coinecko data, Bitcoin, which has lost 1% in the last 30 days, has increased by 1.7% in the last 24 hours and is trading at $ 27,337 as of writing.
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