On Oct 18 the crypto market had shown a sign of rally with Bitcoin, the world’s largest cryptocurrency by market cap, had reached $19,600 area. However, just a day after the flagship currency started its downward journey which is now trading slightly above $19,000.
At the time of publication, Bitcoin is selling at $19,158 with a surge of 0.60% in the last 24hrs. Immediate resistance lies at $19,200 and support around $19,000 area.
It can be observed that though Bitcoin had too many ups and downs at the start of 2022, in recent days the currency is finding some stability. However, as the flagship currency is not moving any further from its trade between $19,000 and $20,000, BTC’s volatility has reached a lower level.
For example, Oct 21, where Bitcoin’s volatility hit an all-time low, as portrayed by Crypto trader and influencer, Livercoin.
Bitcoin’s All-Time Low Volatility
As per the influencer, the last time when Bitcoin’s volatility had dropped this low was two-year ago.
Nevertheless, the current macroeconomic events has pulled back Bitcoin nearly 70% from it’s all-time high of $69,000 in November 2021.
On the other hand, the main reason for such a low volatility points towards many factors and one such is decreased trader interest. The same was confirmed by Santiment in its Oct 19 report that there was an outflow of 40,572 BTC in a single day.
Conversely, this low volatility has become a matter of concern for market experts. This is because along with low volatility, Bitcoin trading volume has also dropped by almost 50%. Hence, the next few days are too crucial for the King currency.
The post appeared first on Coinpedia
