Bitcoin: Volatility may be incoming thanks to a hike in this metric
The post Bitcoin: Volatility may be incoming thanks to a hike in this metric appeared on BitcoinEthereumNews.com. BTC’s price has risen significantly in the last 7 days Due to a hike in activity, price volatility is starting to climb too Growing demand for Bitcoin [BTC] over the past week has led to the crypto recording a 10% uptick in value over the last seven days. Read BTC’s Price Prediction 2023-24 During the intraday trading session on 20 October, the 50% surge in trading volume contributed to the coin trading briefly above $29,000 for the first time since mid-August, Santiment revealed. Source: Santiment Indicators hint at looming price swings An assessment of the activity of BTC’s short-term holders (3-6 months) revealed a significant surge in the spent outputs for investors within this age band on 19 October. On that day, over 125,000 dormant BTC coins changed addresses. In fact, data retrieved from CryptoQuant showed that this represented the largest single movement of dormant coins for this investor cohort since May. Source: CryptoQuant The movement of these previously dormant coins is a sign that their holders tried to take advantage of BTC’s price rally to book profit. However, if a large number of previously dormant BTCs are being spent at once, as seen on 19 October, it typically suggests a shift in market sentiment or strategy among holders. This kind of movement contributes to increased volatility in the BTC market, pseudonymous CryptoQuant analyst Mignolet noted in a recent report. “We might see significant volatility soon,” the analyst said. An assessment of a few volatility markers on the coin’s daily chart confirmed the analyst’s position. For example, BTC’s Chaikin Volatility indicator has trended upwards since 15 October. Is your portfolio green? Check out the Bitcoin Profit Calculator This indicator measures the difference between an asset’s high and low prices over a specified period. Generally, when the Chaikin Volatility indicator rallies to return higher…
The post Bitcoin: Volatility may be incoming thanks to a hike in this metric appeared on BitcoinEthereumNews.com.
BTC’s price has risen significantly in the last 7 days Due to a hike in activity, price volatility is starting to climb too Growing demand for Bitcoin [BTC] over the past week has led to the crypto recording a 10% uptick in value over the last seven days. Read BTC’s Price Prediction 2023-24 During the intraday trading session on 20 October, the 50% surge in trading volume contributed to the coin trading briefly above $29,000 for the first time since mid-August, Santiment revealed. Source: Santiment Indicators hint at looming price swings An assessment of the activity of BTC’s short-term holders (3-6 months) revealed a significant surge in the spent outputs for investors within this age band on 19 October. On that day, over 125,000 dormant BTC coins changed addresses. In fact, data retrieved from CryptoQuant showed that this represented the largest single movement of dormant coins for this investor cohort since May. Source: CryptoQuant The movement of these previously dormant coins is a sign that their holders tried to take advantage of BTC’s price rally to book profit. However, if a large number of previously dormant BTCs are being spent at once, as seen on 19 October, it typically suggests a shift in market sentiment or strategy among holders. This kind of movement contributes to increased volatility in the BTC market, pseudonymous CryptoQuant analyst Mignolet noted in a recent report. “We might see significant volatility soon,” the analyst said. An assessment of a few volatility markers on the coin’s daily chart confirmed the analyst’s position. For example, BTC’s Chaikin Volatility indicator has trended upwards since 15 October. Is your portfolio green? Check out the Bitcoin Profit Calculator This indicator measures the difference between an asset’s high and low prices over a specified period. Generally, when the Chaikin Volatility indicator rallies to return higher…
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