Bitcoin Up 40% in 2 Months Over Similar Time Periods – Blockchain News, Opinions, TV, Jobs

BTC price movements this year show the same pattern as its rise in 2023 as investors watch for BTC to reach $100,000. Data platform Glassnode shows that Bitcoin is trading in a price pair between $90,000 and $110,000 ready to produce future levels of market activity.

Glassnode noted that BTC/USD spent between $90,000 and $110,000 over the course of two months in the latest X update. Recently, market stability in the cryptocurrency space has remained unusual. According to Glassnode Research, the market has not seen this pattern of Bitcoin price pressure since October 2023.

Bitcoin’s 60-day range is contracting, indicating potential market volatility

according to Data Bitcoin’s 60-day price action shows a noticeably small range of movement. According to their analysis, the platform found that price ranges that remained tight usually lead to more market volatility.

Since 2019, Bitcoin’s 60-day price range has occurred at 19% only five times, and this trend is consistent with the current limit. The price of Bitcoin jumped from $30,000 in October 2023 to $42,000 by the end of December, representing a staggering 40% increase in just two months.

According to Glassnode data, Bitcoin holders tend to hold large amounts of tokens when prices are close to today’s market price. The 20% slice of the available Bitcoin supply is now distributed within 15% of current market prices and this supply pattern will impact the trading environment. Glassnode explained:

“This creates the potential for increased market volatility as investor profitability changes.”

Supply has become concentrated during recent market consolidation, so price fluctuations are likely.

Bollinger Bands show the lowest level of volatility in Bitcoin since January 2024

Glassnode analyzed their latest findings from their newsletter “Onchain Week” Posted on January 21st. According to the published study, investor revenues react strongly to small price changes when large amounts of supply remain close to spot market prices, increasing market instability. Glassnode says:

“After the price of Bitcoin peaked in December, it began to consolidate, resulting in a heavy concentration of supply on a cost basis close to the spot price.”

The market shows limited sudden price changes while maintaining low price movement compared to past history. The Bollinger Bands indicator reveals the smallest volatility zone in Bitcoin trading today since last January.

Trader and analyst Matthew Hyland first discoverer This rare activity during its analysis in early February. According to John Bollinger and his observations, Bitcoin showed typical range compression patterns on the daily chart during December 2023. When traders behave this way, they are anticipating that a major market movement is about to occur.

Bitcoin maintains $100,000 levels as experts expect extreme volatility even though traders expect the market to exceed $110,000 or below $90,000.