Alex Dovbnya
With the cryptocurrency teetering just above the crucial August low of $28,574, top traders are buzzing with speculation
Continue reading U.TODAY
Google news
In a recent tweet, renowned trader Peter Brandt drew attention to a significant trendline for Bitcoin starting from its 2023 bottom.
Brandt believes that a dip below the August low of $28,574 could signal either a bearish trend or a potential bear trap for the leading cryptocurrency.
According to data from CoinGecko, Bitcoin is currently just above this crucial level, trading at $29,116.88.
The broader cryptocurrency market experienced a period of unusual calm, with Bitcoin’s volatility hitting all-time lows. The flagship cryptocurrency is trading in the tight range of $29,000 to $30,000.
Analysts from Glassnode, a cryptocurrency market research firm, commented on the current state of the market, suggesting that this “very boring” market may be here to stay.
This stagnation phase has led to disagreement among market participants. Some see this as a temporary lull, while others speculate that it may indicate a more permanent shift in the cryptocurrency’s characteristic volatility.
As U.Today reports, Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, are now less volatile than traditional assets like oil and even gold.
Data analytics firm Kaiko revealed that the 90-day volatility of the above two cryptocurrencies stands at 35% and 37%, respectively, compared to 41% for oil.
It remains to be seen whether a decisive step in one direction or the other will take place in August of this year.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.