- A brand new tweet by Glassnode steered that some volatility might be anticipated within the worth of BTC.
- The analytics platform famous that BTC’s latest worth rally skilled a smaller drawdown than in earlier years.
- On the time of writing, BTC was buying and selling at $26,835.02 following a 0.90% worth decline.
On-chain analytics platform Glassnode not too long ago shared new insights on Twitter concerning the cryptocurrency market chief (BTC), explaining that cryptocurrency volatility is more likely to be excessive. This conclusion was drawn based mostly on his BTC worth volatility over the previous week.
BTC 7-day highs and lows (Supply: Twitter)
In keeping with the publish, BTC’s 7-day vary has been the narrowest up to now three years. Glassnode added that this consolidation of BTC will be in comparison with January 2023 and July 2020.
The analytics platform added that it’s value noting that this consolidation stage of BTC preceded a significant worth transfer. This will likely lead merchants to imagine that the BTC card might expertise some volatility within the close to future.
Whereas the scenario might be risky for BTC, Glassnode added in one other tweet that the scale of the drawdown skilled in BTC’s latest rally continues to be modest in comparison with different cycles. . The 2011-2013 bull peak drawdown was -71.2%.
Bitcoin bull market correction drawdown (Supply: Twitter)
Along with this, the 2015-2017 and 2018-2021 bull peak breakdowns had been -36% and -62.6% respectively. To place this into perspective, Glassnode knowledge reveals solely -18.6% breakdown of the bullish peak past 2022.
In the meantime, CoinMarketCap confirmed that BTC is buying and selling at $26,835.02 on the time of writing. This follows BTC’s worth drop of 0.90% over the previous 24 hours. BTC has additionally fallen greater than 2% up to now week of buying and selling.
Disclaimer: As with all data shared on this pricing evaluation, views and opinions are shared in good religion. Readers ought to do their very own analysis and due diligence. Readers are strictly accountable for their very own actions. COIN EDITION AND ITS AFFILIATES SHALL NOT BE LIABLE FOR ANY DIRECT OR INDIRECT DAMAGES OR LOSSES.
This text, on-chain knowledge reveals potential volatility on BTC’s horizon, was first revealed in Coin Version.
View the unique on CoinEdition
