- Bitcoin’s 30-day annualized price volatility is currently at a record low of 15.5%.
- A clear break above $29.68k will result in the price testing the $30k resistance level.
The sudden surge in BTC prices from multi-month lows in the $25,000 range to new yearly highs above $32,000 was prompted by the influx of new spot ETF applications from reputable financial institutions in June.
However, Bitcoin’s 30-day annualized price volatility is now at a record low of 15.5%, according to statistics from The Block. In 2022, the digital asset’s 30-day volatility averaged 61.4% per year. So far in 2023, this indicator has averaged 43.8%. The declining trading activity, which saw nearly $1.88 billion worth of BTC traded on major exchanges on Sunday, is consistent with minimal price volatility.
Lack of strong catalyst
Accordingly CMC (NS:), the price of BTC is $29,319 at the time of writing and is up 0.70% in the last 24 hours. The price recently surged as high as $29.63,000. However, it quickly withdrew. It is facing some resistance at $29.68k. A clear break above this level will result in the price testing the $30,000 resistance level.
Source: CoinMarketCap
Except for some occasional spikes, the price had been consolidating for some time. Traders can expect a bullish recovery if the price manages to break the strong resistance at $30,000.
On the other hand, Jay Clayton, a former SEC chairman, advocated legalizing a spot Bitcoin ETF in a recent interview with CNBC. First, he admitted that as head of the SEC, he harbored doubts about the Bitcoin trading markets. However, he stressed that the bitcoin market has “definitely” changed, citing widespread retail involvement in the market and the simple fact that “people want access to it.”
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