Bitcoin’s volatility (bitcoin) has been further reduced: how long will this static state last?
Bitcoin: “I’m looking forward to another classic ‘bulky’ weekend”
datas Cointelegraph Markets Expert And Trade View It marks the start of a flat weekend for Bitcoin. Following the weak response to the release of US macroeconomic data, BTC/USD pair holds close to $29,500 as a key battleground between bull and bear.
“Looking forward to another classic ‘bulky’ weekend around CME closing price [29.465$],” he commented in his final analysis: Trader Daan Crypto Trades.
The lack of movement over the weekend came as a surprise to experienced traders. Among them is Michaël van de Poppe, founder and CEO of Eight trading company. in X, the analyst wrote:
“I find Bitcoin’s recent price action very surprising. I continue to see bullish momentum: I think we hit rock bottomWe are not going through a heavy correction.
But if we lose $29,000 I will definitely buy at $28,200. Convert $29,700 = time to celebrate.”
Maartunn, a contributor to on-chain analytics platform CryptoQuant, was also featured opening long positions by some Bitcoin whales:
“Another big long position, this time in Deribit.”
— Maartun (@JA_Maartun) August 12, 2023
However, it points Material Indicators on XThe BTC/USD order book on Binance signals that the asset’s range-based movements may continue for a while: “Volatility may start to increase near the weekly close/open. The ‘buy at the bottom, sell at the rip’ conditions seem to have not changed.“
Bitcoin Approaches “Historical Compression”
But traders on social media predict that this lack of volatility may not last long. In this context, the analyst TechDev commented: “Bitcoin approaches historical compression levels Three weeks above the 20-period moving average.An accompanying chart shows BTC’s movements following similar events in the past – in the asset’s history, this has only occurred four more times.
This Trusted Crypto traders to accept: “History compression causes history expansion. How would you look at a chart like this and think, ‘Yes, it will go down to $10,000’? BTC is a tick-tock time, the explosion of which will cause the extinction of bears.“