Bitcoin

Analysts: Bitcoin consolidation should end in a powerful course movement

The Bitcoin exchange rate has been in a narrow range from $ 9,000 to $ 10,000 for the third month, and in recent years has not gone beyond the channel $ 9 100- $ 9 300. However, analysts expect a powerful movement in the price of BTC.

The volatility of the first cryptocurrency reached its minimum values, and the BTC trading volumes also decreased. It looks like active investors are waiting for the bitcoin rate to exit the channel to understand the trend. One analyst noted that the daily volatility of Bitcoin did not exceed 5% for 24 days. This has happened before and always ended with a powerful movement of the course.

“BTC has not changed the rate of more than 5% per day for 24 days in a row. The same series of 27 days was in the spring of 2019 and ended on April 1 – then Bitcoin grew by 31% in a month. A series of 29 days of low volatility also happened in the fall of 2018 – then the bitcoin exchange rate fell by 48% over the month, ”the analyst said.

Note that the volume of open positions in Bitcoin has remained stable since the beginning of June, but has recently begun to grow. Now this figure is approaching $ 4 billion, which is also a sign of the imminent powerful movement of the bitcoin rate.

According to analyst firm CryptoCompare, trading volumes on top-tier spot cryptocurrency exchanges in June fell 36% to $ 177 billion. Lower-tier exchanges also worsened last month, with their trading volumes declining 53% to $ 466 billion .

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