While there have been different comments from analysts for the number one crypto currency, which has been in a downtrend recently, the on-chain data platform Glassnode analyst team shared that the current situation in Bitcoin shows that high volatility is at the door.
One of the tightest consolidations in the last 3 years
In Glassnode analysis, he stated that over the past seven days, Bitcoin has consolidated in the 3.4 percent range, which is the difference between the highs and lows. This marks one of the tightest consolidations in the past three years.
According to the analysis, it is possible to make a comparison between the consolidations observed in July 2020 and January 2023, as both examples were followed by significant market fluctuations. The company reported that, overall, the current situation in Bitcoin indicates that high volatility is imminent.
st. Fed may raise rates again this year, says Louis Fed chief
On the other hand, St. Louis Fed Bank President James Bullard said he believes the Fed is likely to make two more rate hikes this year. If realized, each would constitute a change of 25 basis points.
The Fed made two rate hikes in early February and early May. In both cases, Bitcoin reacted negatively with the drop in market value.
