Bitcoin, the largest cryptocurrency by market capitalization, was down Monday 2.8% as of press time and going as low as $42,269 around 17:15 UTC (1:15 p.m. ET). BTC was above the 10-hour moving average and below the 50-day, a sideways signal for market technicians.
“Over the last three months bitcoin has been consolidating around $50,000 within a volatile and wide $45,000 to $60,000 range,” said Jean-Marc Bonnefous, managing partner of investment firm Tellurian Capital. “We are still in a supportive trend generally but a lot of participants are already long bitcoin, so you need more and more bullish news to break this range and the all-time highs.”
BTC volatility is indeed up, according to CoinDesk Research data. As of Sunday, the most recent day for closing data, bitcoin’s 30-day volatility was over 77%, the highest since March 24.
Greg Magadini, CEO of data aggregator Genesis Volatility, also tracks the gyrations in the crypto market by utilizing data from bellwether derivatives exchange Deribit. Late Sunday, the DVOL almost hit 160, by far the highest level of variability over the past month, according to Genesis’ charting.
