At around $29,854, the price of Bitcoin displays slight movement within a narrow range. The futures markets' tranquility contributes to the present price stability.
Bitcoin price sees record-low volatility
While Bitcoin has had similar periods of sideways trading during the 2016 and 2019 cycles, the realized volatility of 2023 has reached multi-year lows. The 1-year realized volatility metric hit levels not witnessed for Bitcoin price since December 2016.Lowered realized volatility is coinciding with muted BTC futures and options trading volume. Bitcoin derivatives are not the only major crypto asset approaching all-time lows in volume. Ethereum derivatives markets fell below Jan.
“Market depth for BTC is pushing yearly lows, and in periods of low liquidity, we tend to see more short-term volatility, both to the upside and the downside. As always, we have to step back and examine the bigger picture. Looking further ahead, the setup for a rally as we head into the next BTC is halving is certainly there. All the fundamentals are looking positive when examined on a longer timeframe, and coupled with the potential of a spot ETF approval, sentiment could definitely pick up.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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