After record volatility in March, the volatility ofIt has returned to normal levels, suggesting that the worst may not be behind Bitcoin.
The cryptocurrency market has been quieter lately. The volatility of the BTC / USD pair fluctuated strongly in the past month. In particular, on March 12, around -50% of the entire cryptocurrency market was wiped out in a historic downturn.
However, things seem to calm down. As skew (@skewdotcom) reports on Twitter, volatility continues to decrease.
The volatility realized by Bitcoin has already returned pic.twitter.com/vQ0KAq5Che
– skew (@skewdotcom) April 14, 2020
As the skew chart shows, Bitcoin has never been as extremely volatile as it was in March. This is a positive sign that the cryptocurrency market may be returning to normal levels.
However, Bitcoin’s “option markets” have not yet returned to the volatility observed before March. In a tweet, the offset shows that volatility is still high but is decreasing.
The Bitcoin futures markets remain volatile.
After the abrupt changes in March, the cryptocurrency market appears to have found some short-term stability in early April. However, the development of the coming months depends on the macroeconomic indicators. The S&P 500 has been closely correlated with Bitcoin, especially in the past few months.
Many traders are betting that the Bitcoin halving event will provide positive momentum in the coming months. Currently, Bitcoin’s Relative Strength Index (RSI) has never been so low before a halving event. This could indicate that it is exceptionally oversold and indicates that BTC is very close to its low.
Currently, the rest of the cryptocurrency market is closely following Bitcoin movements. Once again, the first and most important currency is the leader and the rest of the cryptocurrency market only overshadows it.
However, Bitcoin’s price movements are also largely determined by macroeconomic trends. Therefore, traders should look for higher economic forecasts to assess future Bitcoin trades.
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