Bitcoin (BTC) continues to trade in the range of $ 10,500 – $ 10,800; the BTC can no longer count on Donald Trump’s support unless he is re-elected. This is the calm before the storm in the markets, a storm that would not necessarily be negative for Bitcoin. The latter is strangely serene given the tremors of recent weeks.
Let’s take out the crystal balls
Data from Skew show that the volatility of Bitcoin has reached its lowest level over 3 years.
The investor Raul Pai indicated in his tweet today, October 7, 2020, that the 30-day volatility level of Bitcoin has reached levels as low as 7 times since the creation of BTC.
6 times out of 7, such a level preceded an upward explosion of Bitcoin, with volatility breaking through the ceilings. The only exception was the bearish movement of November 2018; the low volatility of Bitcoin was then followed by a collapse of its course.
Source : Image via Twitter
The BTC is actually “oddly” calm as the markets are shaken by the hack of KuCoin, the legal woes of BitMEX which are far from over, and poor performance in traditional financial markets.
Trump refuses to sign checks
As talks about a second wave of gift certificate distribution to US citizens to boost the US economy have been going on for months, Donald trump decided to postpone the debates after the presidential elections.
Traditional financial markets and Bitcoin received the news badly; the BTC recorded a decrease of around $ 250.
The BTC rose from just over $ 10,700 to around $ 10,560 before recovering. Bitcoin is trading at $ 10,652 as of this writing.
Support at the $ 10,500 level held again against a downward pressure from an exogenous factor.
What could overcome Bitcoin’s Zen attitude? It’s hard to recognize the oldest crypto with daily volatilities that make you dizzy. BTC has a 6 in 7 chance of resuming its bullish rally soon, based on historical data. Are you hooked enough for a possible trip up to $ 100,000?
Litecoin, welcome in the Silver Age