Bitcoin Shows Little Volatility as Its Price Stays Just Above $30,000
Bitcoin (BTC), the world’s most valuable virtual currency, seems to be experiencing a period of low volatility. According to Glassnode, the digital asset market shows little volatility when analysed with Bollinger Bands. Additionally, they mentioned that this is the quietest Bitcoin market since early January 2023.
Bitcoin Volatility at its Lowest Level in 2023
Bitcoin’s volatility is now at the lowest level in 2023, according to data shared by Glassnode. In a recent Tweet published by the on-chain analytics company, they explained that Bitcoin and cryptocurrencies are experiencing low volatility.
In order to arrive at this conclusion, the company used the 20-day Bollinger Bands technical analysis tool. As we can see in the tweet, the price range is just 4.2%, which separates the upper and the lower Bollinger bands. Hence, they show that this is the quietest period for Bitcoin since the beginning of the year.
The tweet reads as follows:
“The digital asset market continues to see remarkably little volatility, with the classic 20-day Bollinger Bands experiencing an extreme squeeze. A price range of just 4.2% separates the upper and lower Bollinger bands, making this is the quietest #Bitcoin market since the lull in early January.”
The digital asset market continues to see remarkably little volatility, with the classic 20-day Bollinger Bands experiencing an extreme squeeze.
— glassnode (@glassnode) July 17, 2023
It is worth taking into consideration that Bitcoin has a price per coin of $30,200 and a market capitalization of $587 billion, according to data shared by CoinGecko. Another thing that is worth taking into consideration is linked to the fact that BTC has moved by -0.6% in the last 24 hours. Other virtual currencies experiencing lower volatility include Polygon (MATIC) and Tron (TRX).