When will Bitcoin’s volatility jump?

Market picture

Bitcoin stays under pressure, slipping to $18.9K in low-liquid trading in Asia on Thursday morning, recovering to $19K by the start of the European session.

Volatility remains compressed, allowing BTCUSD to cramp further into the corner of the triangle. A formal confirmation of an exit from the triangle we will get with a move above the previous highs (now near $19.7K) or a dip below $18.8K. According to tech analysis textbooks, a sustained move out of this range will significantly increase volatility and potentially form at least a mid-term trend.

In the third quarter, Bitcoin fell by 1%, showing better dynamics than fiat currencies (except the USD), major stock indices, Gold, and Crude Oil, CoinGecko noted in its quarterly report. At the same time, BTC remains the laggard, having lost 58% since the beginning of the year.

Arcane Research noted that many on-chain indicators signalled that Bitcoin had reached the bottom of the bear market. According to experts, the current values of the indicators "shows an attractive entry point for investors."

News background

Bitcoin could become a global reserve asset on a par with gold due to the increasing acceptance of cryptocurrencies worldwide and limited supply, Bloomberg strategist Mike McGlone believes. In his opinion, the BTC rate will soon consolidate above $20K.

According to the Bitcoin Mining Council, the bitcoin network's hash rate has increased by 73% over the past year, while energy consumption has risen by 41%.

The European Commission has warned of a possible suspension of cryptocurrency mining in the EU amid an energy crisis. The agency has also proposed creating a rating system for cryptocurrencies in the context of the environmental impact of their mining.

New cryptocurrency Aptos (APT) soared 100 times in the first minutes of trading after listing on Binance. LayerZero announced the launch of the Aptos Bridge blockchain to transfer tokens from other blockchains to the new Aptos network.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.