{"id":5040,"date":"2020-10-14T16:00:01","date_gmt":"2020-10-14T16:00:01","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=446459"},"modified":"2020-10-14T16:00:01","modified_gmt":"2020-10-14T16:00:01","slug":"bitcoins-60-day-volatility-plunges-to-historic-lows-as-consolidation-persists","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoins-60-day-volatility-plunges-to-historic-lows-as-consolidation-persists\/","title":{"rendered":"Bitcoin\u2019s 60-day Volatility Plunges to Historic Lows as Consolidation Persists"},"content":{"rendered":"

Bitcoin’s volatility has been diving as of late, with the benchmark cryptocurrency seeing multiple prolonged bouts of sideways trading.<\/p>\n

Last week, BTC did see some turbulence that caused its price to rally from lows of $10,400 up to highs of $11,700. This move occurred over multiple days and has since resulted in it seeing yet another phase of consolidation.<\/p>\n

Its lack of momentum is not providing investors with any significant insights into its near-term trend, and the resistance that sits just above where it is currently trading at is quite intense.<\/p>\n

One result of the recent series of consolidation phases seen by BTC<\/a> has been its 60-day volatility diving to historic lows.<\/p>\n

Typically, this takes place right before the digital asset makes a massive trend defining movement, which could indicate that its near-term price action will have serious implications for where it trends in the days and weeks ahead.<\/p>\n

Bitcoin Struggles to Gain Momentum as $11,600 Resistance Holds Strong<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading up just under 1% at its current price of $11,530. This is around where it has been trading throughout the past few days.<\/p>\n

Last week, BTC ended a multi-week consolidation phase within the mid-$10,000 region. News of Square acquiring $50 million worth of Bitcoin was the catalyst that helped tip the scales into bulls’ favor.<\/p>\n

Now that it is stable within the mid-$11,000 region, bulls and bears are currently battling for control of its near-term outlook.<\/p>\n

For bulls to prevail, it is imperative that they surmount $11,600, which is one key resistance level that it has been struggling to break above over the past few days.<\/p>\n

$12,000 is another crucial level that needs to be decisively broken above.<\/p>\n

Analyst: BTC’s Volatility is Diving Towards Historic Lows<\/strong><\/h2>\n

Bitcoin has been seeing some wild price swings over the past month, but these have done little to provide the crypto<\/a> with any type of near-term trend.<\/p>\n

It has, however, formed a macro trading range between $10,000 and $12,400. Neither of these levels have been broken throughout the past few months.<\/p>\n

This has resulted in its 60-day volatility plunging to historic lows, as one analyst observed<\/a>.<\/p>\n

\n

“60-day BTC volatility sitting near historic lows,” he said while pointing to the chart seen below.<\/p>\n<\/blockquote>\n

\"Bitcoin\"<\/p>\n

Image Courtesy of Josh Olszewicz. Chart via TradingView<\/a>.<\/pre>\n
How Bitcoin continues reacting to $11,600 should offer some insights into whether or not this macro consolidation phase will continue extending further.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
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