- While the Bitcoin
price continues to trade below $29,500, the crypto markets continue to trade in narrow ranges.
- Since the beginning of the second quarter, Bitcoin’s trading volume has decreased by more than 90%. Despite the low volume, the price has managed to sustain a certain level of increase.
- If the bullish movement gains stability, there could be a clear upward movement towards $40,000 for the Bitcoin price.
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The volatility in Bitcoin price has reached its lowest levels, but a volatility explosion is likely to be seen soon!
Volatility Decrease Deepens in Bitcoin Price
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While the Bitcoin price continues to trade below $29,500, the crypto markets continue to trade in narrow ranges. With a market value consolidated around $1.16 trillion, the trading volume has increased by 18.10% to reach $30.87 billion.
When the BTC price fails to attract investors, the possibility of a major price movement arises. However, in the absence of liquidity, there is a possibility of a sharp downward trend threatening the Bitcoin price rally.
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Since the beginning of the second quarter, Bitcoin’s trading volume has decreased by more than 90%. Despite the low volume, the price has managed to sustain a certain level of increase. Now that the levels have dropped iconically, volatility has also decreased and is testing historical lows. This usually indicates that a very large movement is about to occur. This can either create a significant increase or pull the price below lower support levels.
As mentioned above, volatility has reached its lowest levels, indicating an upcoming breakout. However, it does not indicate the direction and confirmation may take a few more weeks.
Considering the current trading structure, time targets, Elliott wave counts, price action indicators, moving averages, and a highly positive sentiment, significant bear divergences have been identified, which are considered bearish.
Macroeconomic Risks Are Not Over
However, the rising exit rate of market makers, regulatory risks, collapsing crypto banks, ramp closures, highly leveraged holders like MSTR and DCG, and weakening fundamentals such as some major miners can create macroeconomic risks as global rates rise by the end of 2024 without a sign of Fed interest rate cuts.
If the bullish movement gains stability, then there could be a clear upward movement towards $40,000. On the other hand, if a downward trend is triggered as predicted, a bear market could begin with a target of around $10,000 in 2024 or even lower in 2025.