Bitcoin Appears To Be Nearing Breakout: “Volatility Irreversible”

Bitcoin (BTC) is still in the same tight range just above $19,000. Yesterday the price initially rose to $19,300, but was rejected there and fell back to $19,000. Still, bitcoin was able to hold out overnight above $19,000, standing at $19,005 on Binance and $19,450 on Bitvavo at the time of writing.

This means that the bitcoin price is 0.5% in the minus today. The trading volume decreased by 2% in the past 24 hours. The total market cap is $366 billion and the dominance at 40%. The Fear & Greed Index comes in at 23 (Extreme Fear).

Bitcoin could break out of low volatility soon

The volatility of the bitcoin price has been steadily decreasing lately and that usually means that a breakout can soon follow. However, it can be up or down.

The volatility is now as low as that of Nasdaq, reports Clara Medalie of analysis company Kaiko. The last time this happened was in October 2020.

Analyst Jan Wüstenfeld also reports that volatility is still falling, calling it “the calm before the storm.” James VS adds that the realized volume and the volume in options are close to their all time lows. Every time this volume came down that low, a “wild price swing” ensued.

Diveonchain also reports that open interest (IO) is rising like crazy relative to bitcoin’s market cap. “Volatility irreversible,” adds the analyst.

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