Why will Bitcoin Price Change Soon? Analysts Opinion.

Kataryna Kovtun June 29, 2020


Now the volatility of the first cryptocurrency is at the same level as before the 50% fall in the Bitcoin price in March. Skew analysts explained that traders began to trade more carefully, and the market is growing stress

Bitcoin has been trading in a narrow range since early May, and its 10-day volatility has fallen to an annual low. According to Skew analysts, the ten-day price fluctuations of the BTC / USD pair decreased by 30%, and the thirty-day fluctuations — by 57%. Roughly the same indicators were observed before the sharp drop in the market in March, when the BTC rate fell by 50% in two days, to $ 3800. Now the first cryptocurrency is being traded at the level of $ 9087, over the past day its price has increased by 0.14%.

“10-day volatility fell by 30%, to an annual low. The calm before the storm? ”

The Bollinger Bands indicates that the volatility is at around 0.08 — the lowest since April 1 of this year. Experts say that traders began to trade more carefully, and the market is growing stress.

Previous Bitcoin Price Volatility

Bitcoin price also showed low volatility in September, a year passed, this minimum reached the 22nd. Following this, the coin rate began a rapid decline. Over the next two days, it fell from $ 10,000 to $ 8,000.

After that, volatility fell and remained low from October 13 to 22. The day after that, the Bitcoin rate fell from $ 8,200 to almost $ 7,000. And on October 26, a coin cost more than $ 10,000. However, here its value was probably influenced not only by low volatility. On October 25, the Chinese president said that blockchain is one of the key technologies for the development of the country, which could indirectly help increase the value of cryptocurrency.

Earlier, trader Ton Weiss predicted that before the end of the year, Bitcoin will trade in the range from $ 6,000 to $ 10,000 and will remain highly dependent on the leading US S&P 500 index. At the same time, the head of the CryptoQuant analytical service, Ki Young Ju, advised buying cryptocurrency, as it can go into the rally phase in mid-July.

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