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Analysts: Bitcoin consolidation should end with a powerful price movement

Bitcoin-consolidation-should-end Analysts: Bitcoin consolidation should end with a powerful price movement

According to the latest report from the Kraken cryptocurrency exchange, a 31% drop in Bitcoin trading in June led to BTC's annual volatility reaching a six-month low.

According to Kraken in its report, June was the most unremarkable month on the Bitcoin trading market since February. The lack of activity on the market led to a decrease in trading volume on the exchange to a four-month low of $ 36.6 billion. 


The Bitcoin exchange rate has been in a narrow range from $ 9,000 to $ 10,000 for the third month, and in recent years has not gone beyond the channel $ 9 100- $ 9 300. However, analysts expect a powerful BTC price movement.


The volatility of the first cryptocurrency reached its minimum values, and BTC trading volumes also decreased. It seems that active investors are waiting for the Bitcoin rate to exit the channel in order to understand the trend. One analyst noted that the daily volatility of Bitcoin did not exceed 5% for 24 days. This has already happened before and always ended in a powerful movement of the course. 


"BTC hasn't had a 5% daily move for 24 straight days That's the longest since a 27 day streak that ended on Apr 1, 2019. 1 month return after that was +31% The longest streak before that was 29 days which ended on Nov 13, 2018. 1 month return after that was -48%," 

the analyst said.

 Note that the volume of open positions on bitcoin has remained stable since the beginning of June, but recently it began to grow. Now this figure is approaching $ 4 billion, which is also a sign of a brewing powerful movement of the Bitcoin exchange rate.


According to the CryptoCompare analytical company, trading volumes on "top-level spot" cryptocurrency exchanges in June fell 36% to $ 177 billion. Lower-level exchanges also worsened last month: their trading volumes fell 53% to $ 466 billion.

SOURCE

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