Bitcoin’s volatile phase may have ended — Here’s why

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  • BTC was down by near­ly 1% over the last 24 hours. 
  • Social met­rics were high, but oth­er indi­ca­tors looked bearish. 

Bit­coin [BTC] has not been very volatile of late, as its price took a side­ways tra­jec­to­ry. As AMBCryp­to report­ed ear­li­er, investors might have to expect a few more slow-mov­ing days, which was fur­ther estab­lished by the lat­est datasets.

Notably, Bitcoin’s MACD and Mon­ey Flow Index (MFI) looked bear­ish. But can any­thing cause a change in the trend in the near term?

Bitcoin might not get volatile

IntoThe­Block recent­ly post­ed a tweet high­light­ing that the 30-day aver­age intra­day move for Bit­coin was going low­er than tra­di­tion­al mar­kets. This indi­cat­ed a peri­od of rel­a­tive­ly low volatil­i­ty for BTC.

More­over, AMBCryp­to found that while BTC’s price went side­ways, its Open Inter­est remained rel­a­tive­ly high. High Open Inter­est gen­er­al­ly indi­cates that the ongo­ing price trend might con­tin­ue further.

Source: Coin­glass

Has anything changed overnight?

Though BTC did not reg­is­ter much move­ment, investors con­tin­ued to accu­mu­late at press time. This was evi­dent from the fact that BTC’s Exchange Out­flow spiked in the recent past. 

On top of that, BTC’s Sup­ply on Exchanges remained low­er than its Sup­ply out­side of Exchanges, sug­gest­ing that buy­ing pres­sure on the coin was high­er than sell­ing pres­sure, reflect­ing investors’ con­fi­dence in the king of cryptos.

Source: San­ti­ment

Things looked good for BTC on the social front too, as its Social Dom­i­nance surged by more than 50% over the last week. But despite the slug­gish price move­ment, Bitcoin’s Mar­ket Dom­i­nance reg­is­tered an increase, which looked optimistic. 

How­ev­er, a bear­ish met­ric was the coin’s AltRank, which increased over the last sev­en days.

Source: Lunar­Crush

When AMBCryp­to checked BTC’s dai­ly chart, we found that not much had changed over the last few hours. The MACD con­tin­ued to show an ongo­ing tus­sle between the bulls and the bears at press time.

Read Bitcoin’s [BTC] Price Pre­dic­tion 2023–24

The Bollinger Bands’ data also revealed that the coin’s price was in a less volatile zone. 

How­ev­er, the Rel­a­tive Strength Index (RSI) went side­ways, but its Mon­ey Flow Index (MFI) looked bull­ish as it moved up slight­ly in the recent past. At press time, BTC was trad­ing at $37,787.55, with a mar­ket cap­i­tal­iza­tion of over $739 billion. 

Source: Trad­ingView

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