Bitcoin’s annualized 30-day price volatility is now at a record low of 15.5%. 

A clear break above the $29.68K mark will see price testing the $30K resistance level.

The sudden surge from multi-month lows in the $25,000 range to fresh annual highs above $32,000 in BTC prices was sparked by the influx of new spot Bitcoin ETF applications from respectable financial institutions in June.

However, according to statistics provided by The Block, Bitcoin’s annualized 30-day price volatility is now at a record low of 15.5%. In 2022, the digital asset’s 30-day volatility averaged 61.4% annually. This indicator has maintained a 2023 average of 43.8% so far. Falling trading activity, with barely $1.88 billion worth of BTC traded on Sunday across prominent exchanges, is consistent with the minimal volatility in price.

Lack of Strong Catalyst

According to CMC, the price of BTC at the time of writing is $29,319 and is up 0.70% in the last 24 hours. The price recently spiked all way to the $29.63K level. However, it quickly retracted. It faces minor resistance at the $29.68K mark. A clear break above this mark will see price testing the $30k resistance level.

The price had been consolidating for quite a while apart from a few occasional spikes. Traders can expect a bullish rally if the price manages to break over the strong resistance faced at the $30K level.

On the other hand, in a recent interview with CNBC, Jay Clayton, a former chairman of the US SEC, argued for the legalization of a spot Bitcoin ETF. At first, he admitted that he had been dubious of the Bitcoin trading markets while he was head of the SEC. But he stressed that the Bitcoin market has “definitely” altered, citing widespread retail engagement in the market and the simple fact that “people want access to it.”

---

Filed under: Bitcoin - @ August 14, 2023 8:25 pm