Bitcoin's Subdued Volatility Hints At Major BTC Price Rally Ahead

Also, as per the historical trends, the Bitcoin (BTC) price has entered a strong rally every time the volatility has been subdued. Crypto analyst CrediBULL crypto noted: “8 out of 9 times volatility was this low we saw expansion to the upside. The one time that we didn’t was after 6 months of consolidation that followed the 2017 parabolic blow-off top”.

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Courtesy: Alex Kruger

As of press time, Bitcoin is trading 1.73% down at a price of $28,881 with a market cap of $561 billion. However, if history is to repeat itself once again, This Bitcoin price consolidation could serve as fuel for the next BTC price rally. Furthermore, new players have continued to join the Bitcoin ecosystem with 5 million wallets created over the last year.

Bitcoin Price Drop Likely Ahead?

The major exploit of DeFi platform Curve Finance has led to negative sentiment and selling pressure across the broader crypto market. Along with Bitcoin (BTC), altcoins have also been seeing selling pressure correcting 2-5% more in the last 24 hours.

On the other hand, with the BTC price slipping under $29,000, the selling pressure is obvious which can push  Bitcoin to its next support level of $27,500. CrediBuLL Crypto explains: As of now, the recent $CRV events seem to be settling down, but there are still a couple of wild cards that need addressing within the next 48-72 hours before the focus can return solely to the charts. From a purely technical perspective, the drop isn’t over yet.

Courtesy: CrediBULL Crypto

If the price manages to rise above the RED ZONE and the point of breakdown (POB), then it might signal the completion of the drop. However, until then, there’s an expectation of further downward movement into the GREEN zone.

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