All good things must come to an end as Glassnode, in a new report, found that volatility returned to the Bitcoin [BTC] market last week. According to the blockchain analytics platform, the leading coin, at press time, traded in a period of historically low volatility. Additionally, many on-chain and off-chain metrics hint at an imminent […]
market last week. According to the blockchain analytics platform, the leading coin, at press time, traded in a period of historically low volatility. Additionally, many on-chain and off-chain metrics hint at an imminent period of “elevated volatility” for the king coin.
According to Glassnode, if historical precedents in bear markets are anything to go by, with the current volatility in the market, the price per BTC might move in any direction when the volatility calms.Glassnode also found a significant divergence between BTC’s price action and its Adjusted Spent Output Profit Ratio . For context, when the metric is precisely one in a bullish trend, it often acts as a support as buyers tend to buy the dip.
With the weekly average of aSOPR approaching the break-even value of 1.0 from below, Glassnode opined, For STH holders, when the price/aSOPR divergence occurred in the 2015-2016 bear market, buyers bought the dip instead of the anticipated panic selling. However, when the same reoccurred in the 2018-2019 bear market, sellers exceeded buyers, and many wanted out of the market.
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