RATE Group | Bitcoin Could End Day With Tightest Trading Range of 2018
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Bitcoin Could End Day With Tightest Trading Range of 2018

24 Aug Bitcoin Could End Day With Tightest Trading Range of 2018

Posted at 16:44h in Bitcoin News by

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The bitcoin market has gone comatose today with a key volatility reading hitting fresh yearly lows.

The daily bitcoin volatility, as represented by the spread between the daily price high and price low (as per UTC), currently stands at $84 – the lowest level since July 9, 2017 – according to CoinDesk’s Bitcoin Price Index (BPI). Back then, the spread was seen at $68.

Assuming that this differential remains at $84 until 00:00 UTC hours, we can say that bitcoin’s daily volatility has hit an 13-month low Friday.

The reading is of particular importance for traders as the drop in the volatility is often a precursor to the big move in prices. For instance, the daily volatility jumped to $389 on July 10, after having hit a yearly low of $97.21 on July 8.

On similar lines, the daily range spiked to $850 on June 10, after printing a low of $107.63 on June 7.

The data gels well with technical theory, which states the longer the period of consolidation (low volatility period), the more…

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