Glassnode, a prominent analytics company, has recently shared its insights on Twitter platform regarding the price dynamics of Bitcoin (BTC), the leading digital currency by market capitalization.
Reports by Glassnode analysis, Bitcoin (BTC) has displayed extraordinaire stability in the previous week, with a narrow trading range of 3.4%.
This noteworthy consolidation phase represents the tightest range observed in the past 3 years. Drawing parallels to similar market consolidations in July 2020 and January 2023, Glassnode’s specialists believe that whole lot of market movements often follow such periods of price stability.
Consequently, the present state of bitcoin’s stability may serve as a potential indicator of future extreme volatility in the near future.
Adding to the conversation, seasoned commodities trader Peter Brandt took to Twitter to express his perspective on bitcoin’s price trajectory.
Brandt anticipates that Bitcoin (BTC) may experience another shakeout phase before embarking on a sustained upward tendency. His insights provide additional context for market participants seeking to comprehend bitcoin’s potential short-term price movements.
Bitcoin (BTC) analysis
As of press time, Bitcoin (BTC) is currently worth $26,876, displaying a slight 0.33 percent decrease in the past hour, reports by data from CoinMarketCap.
BTC’s volatility levels are relatively stable as the Bollinger bands, used in estimating volatility, now move at a relatively close distance from each other. BTC’s relative strength indicator is likewise over its average line, indicating a positive tendency trend.