BTC Volatility Still Low Compared To Past Cycle: Ready For ATH In 2024?
Bitcoin has risen in recent days, changing market mood as investors note its increased impetus.
Coinglass data shows that Bitcoin's volatility is low relative to historical cycles, despite recent price rises. This remarkable quiet during the spike has generated worries about whether BTC is set to make another huge move, maybe to ATH this year.
Bitcoin's biggest rallies have been followed by huge volatility increases, but current data shows the market may be waiting for a trigger to unleash bigger price activity. Analysts are eagerly studying this pattern, with some thinking low volatility may imply stabilization before a major breakthrough.
Bitcoin is breaching major resistance levels, leaving traders wondering whether this low-volatility scenario will last or if a surprise move will push BTC higher.
Change in Bitcoin Price?
After the Federal Reserve dropped interest rates by 50 bps on Tuesday, bitcoin prices rose significantly.
According to Daan, BTC is experiencing volatility, but the big boom may be ahead. He expects volatility to rise until the stock breaks out of its longest consolidation range of 2024.
Federal Reserve interest rate decrease may spark this next wave. BTC's momentum and break through key resistance levels might accelerate price movement and lead to new highs as volatility rises.
Bitcoin is trading at $62,995 after the daily 200 MA at $63,977 was rejected. Reclaiming this important indication as support might boost BTC price by indicating long-term strength.
Bulls must keep price over $60,000 and retake the daily 200 MA to sustain momentum. If BTC breaks beyond this barrier and solidifies support, it might challenge local highs around $65,000 and test $69,000, the 2021 cycle's all-time high.
If the $60,000 support level is broken, the price might fall further into reduced demand. Since Bitcoin's upward momentum depends on holding above $60,000, investors are intently monitoring these important levels.
