Bitcoin has become more range-bound recently. The top cryptocurrency has been trading between the $10k and $11k region for few weeks and bitcoin price has recorded the longest range-bound stability in the last 4 months. While it is exciting to see that Bitcoin’s decreased stability strengthens its use case as a currency, for traders, the news is something to rejoice about. The king crypto has begun to slip again towards the critical $10k support level, a point which analysts believe will cause another bearish cycle if broken.
Bitcoin “Pseudo-stability” Causes Excitement
Statistics on CoinMarketCap in the last few weeks showed that bitcoin was trading within a specific $1,000 range between $10k and $11k. Perambulating within the range, bitcoin has shown very minimal standard deviation compared to previous quarters of this year. Within the last four months, since May 11th, bitcoin’s 30-day volatility, calculated from the price data from several exchanges, amounts to 53.5%, according to statistics from asset manager Blockforce Capital.
On Tuesday, bitcoin recorded its lowest volatility since May 11th when bitcoin was trading at $7000.
According to David Martin, the Chief…
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Author: Dare Shonubi