RATE Group | Market Wrap: Bitcoin Volatility Higher Than S&P 500 Again but Lower Than Oil
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Market Wrap: Bitcoin Volatility Higher Than S&P 500 Again but Lower Than Oil

06 May Market Wrap: Bitcoin Volatility Higher Than S&P 500 Again but Lower Than Oil

Posted at 07:35h in Cryptocurrency News by

In the ever-curiouser markets of 2020, bitcoin is only slightly more volatile than the S&P 500 and nowhere close to the bumpy ride oil has been on.

In early trading at 00:00 UTC, the world’s oldest cryptocurrency was in $8,800 territory before jumping as high as $9,125 on spot exchanges like Coinbase.

After that quick run-up, bitcoin quickly sold off back to $8,800 levels at 11:00 UTC (7 a.m. EDT). With 10-day and 50-day technical indicator moving averages signaling tepid sentiment Tuesday, bitcoin is experiencing little trading action, staying at the $8,800 price range. At press time bitcoin (BTC) was trading up less than a percent over 24 hours at $8,945.

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Bitcoin trading on Coinbase since May 3
Source: TradingView

The sideways action, also known as “consolidation,” is a pattern of predictable behavior during which traders like Jack Tan, founding partner at Taiwan-based crypto trading firm Kronos Research, seek various price levels in which to trade in and out. 

“We are still…

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