Bitcoin Paving the Way for $32,000 After State of Hibernation
Looking at the current state of being on Bitcoin in Week 32 of 2023
Period of Diminished Volatility
Recent data indicates that Bitcoin is experiencing an unusual decrease in its characteristic volatility, especially for an asset often dubbed the most capricious of all. With the majority of Bitcoin trading sessions has been marked by stagnant and tightening price movements. Historically, such behavior is a precursor to a substantial breakout, often succeeded by heightened volatility due to new capital injections.
On August 8, this very pattern manifested when Bitcoin witnessed a nearly 6% price augmentation within a matter of hours.
Is US$32,000 in sight once again?
Despite the recent positive price movement, Bitcoin has not yet regained its footing above the US$30,250 mark. This particular value has played a pivotal role in dictating market sentiment since early June. In periods when Bitcoin traded below this price, its value oscillated between a low of US$28,650 and an upper limit of US$32,000. Consequently, surpassing this threshold is tantamount to overcoming a significant resistance. And if it does, the likelihood of a shift in bullish sentiment increases significantly with increased probabilities of seeing Bitcoin traverse to US$32,000 once again.
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