The Bitcoin market today has gone with a new instability reading which is the latest yearly low.
According to the Bitcoin Price Index (BPI) of Bitcoin market, daily bitcoin volatility spreads between daily price high and low price (according to UTC), currently at the lowest level of $84 dollars since July 9, 2017. After that, the spread was seen at $ 68.
Reading traders have special significance because the decline in volatility is often a forerunner for large steps in prices. For example, on July 8, daily volatility went up to $ 389 on July 10 after an annual drop of $ 97.21
Similarly, on June 7, after the printing of $ 107, the daily limit increased to $ 850 on June 10.
The data is well with the technical theory, which states that for a long time the consolidation period (the less volatility period) is more violent as the breakouts trends to be.
Accordingly, we could be in for a major step in the next few days, possibly on the higher side as a technical side on behalf of the bulls and there is the high record on BTC /USD shorts bitfinex, which means that cryptocurrency is at least weak rally to cover.
Everything in bitcoin daily volatility has come to hit for 13-month lows when the path of least resistance to bitcoin is on the higher side. So, it sounds safe to say that a big enthusiastic step is overdue.
However, a break below main support of $ 6,230 (August 20) will invalidate the moving view through technical studies.