The consolidation phase that it has since entered may not last for too much longer, as an analysis of the cryptocurrency's volatility patterns suggests that BTC is poised to make a big movement in the days and weeks ahead. One factor that could signal that this potentially imminent volatility will favor bulls is the fact that its daily volume is climbing.
Bitcoin volatility shows signs of growth as of late despite ongoing consolidation.
At the time of writing, Bitcoin is trading down roughly one percent at its current price of $9,700.
Arcane Research spoke about this in a recently released report, adding that Bitcoin's 7-day volatility remains well-above its 30-day average.
"The 7-day volatility is now above the 30-day volatility again, indicating increasing volatility lately."
This volume trend could bolster the next BTC uptrend.
One trend that could suggest this next bout of volatility will favor buyers is the fact that BTC's daily volume appears to be shifting into an uptrend.
Arcane Research explains that this could help Bitcoin finally set fresh yearly highs.
"The 7-day average real trading volume finally saw a small spike this week After trending downward for several weeks, a momentum shift in trading volume could be important if the BTC price wants to finally break above the yearly highs."
In order for growing volume to bolster BTC, it is imperative that it soon navigates past $10,000.
Research firm: Bitcoin could see a sharp rebound past $10,000 if volume trend shifts
Publicado en Jun 6, 2020
by Cryptoslate | Publicado en Coinage
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