Bitcoin (BTC), the most popular cryptocurrency, is currently stuck in a bearish channel that began in November 2021. At the same time, its volatility plummets to new local lows.
The volatility of Bitcoin is aiming for new lows: Examine the information
According to data shared by the Buy BTC Worldwide portal, BTC’s historical volatility is at 18-month lows. Its 60-day estimated average value dropped to 2.62%.
BTC volatility was last this low in November 2020, when the orange coin broke through $10,000 for the first time in this bullish cycle.
On April 27, 2022, thirty-day volatility reached a local low, but it is already showing signs of recovery.
The BTC Volatility Index (BVOL), similar to the stock market’s VIX, shows how much Bitcoin’s price changes on a given day in relation to its previous price.
The most recent spike in BTC volatility occurred in July 2021, when the flagship cryptocurrency was twice as volatile over a 30-day period as it is now.
As BTC rises beyond $39,000, “extreme fear” continues to dominate the market
Meanwhile, BTC has begun to rebound after hitting a local low of $37,400. The flagship cryptocurrency returned to $39,100 after the most gloomy April in history.
Traders, on the other hand, are not overjoyed by this sluggish recovery. The Crypto Fear and Greed Index at Alternative is 21/100, indicating “Extreme Fear.”
This is a very low level: in negative 2022, Bitcoin mood barely reached the “10-20” zone twice in January.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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