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The volatility of Bitcoin has increased beyond levels seen in March, increasing the likelihood of a notable breach from its present consolidation period. Trading in a limited range, the cryptocurrency must retain above $61,000 and retest the $62,000 level—a crucial obstacle it has not broken since August 9.
Based on CoinGlass data, Bitcoin’s Historical Volatility chart revealed a drastic rise on August 21, hitting 3.42%, above the 3.00% level seen in March when Bitcoin reached its all-time high of $73,679. Though it is unclear whether this increase in volatility will be upward or negative, it would suggest that Bitcoin is getting ready for a significant price movement.
“Bitcoin’s volatility is ramping up, near levels seen at the year’s all-time highs,” observed pseudonymous trader Daan Crypto Trades. This could be the solution required to stop the present consolidation.” Rising volatility does not, however, indicate a favorable trend, hence traders are wary about their next action.
Another trader, TheoTrader, cautioned that September may bring cycle lows for Bitcoin, implying that the present state of the market might cause further falls. The cryptocurrency has been caught in a broad range between $49,842 and $72,000 since the April 20 Bitcoin halving, hence adding to the uncertainty in the market.
Notwithstanding this, futures traders feel hopeful as the put-to—call volume ratio shows a bullish attitude with calls at 66.18%. Bitcoin was selling at $60,875 at the time of writing after an abortive effort to reach $62,000. Bitcoin is “testing the neckline,” a crucial support level that can decide its future action, crypto trader Matthew Hyland said.
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