RATE Group | Bitcoin breaks over $6,600 but with no clear up or down direction
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Bitcoin breaks over $6,600 but with no clear up or down direction

09 Oct Bitcoin breaks over $6,600 but with no clear up or down direction

Posted at 02:57h in Bitcoin News by

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CoinDesk’s Monday analysis

In his analysis for CoinDesk posted at 12:07 UTC on Monday, Omkar Godpole notes that Bitcoin’s price volatility is continuing to drop. One measure puts it at a 15-month low. Weekly volatility as measured by the difference between high and low fell to just $315 last week. This is the lowest reading since way back in July of 2017 according to Bitfinex data.

In the previous two weeks Bitcoin traded between $498 and $741. The data shows that BTC is being squeezed in an ever narrower price range. Technical data such as this indicated a decisive move is long overdue.

Bollinger bandwidth reading, another measure of volatility fell to the lowest level since December of 2016 last week also indicating extremely low volatility.

This lifeless trading pattern indicates both bulls and bears are staying on the sidelines offering little directional bias to the price. As the article went to press BTC was trading at $6,600 on Bitfinex. This represented a marginal…

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