With low volatility, the current crypto market structure shows signs of a mirror image of earlier times before bull runs had commenced.
The crypto market structure has been unique for a while. Volatility has been low, but tokens like Bitcoin have not lost their support yet. Experts have said such trends point towards bullish days ahead for the crypto market. If 2015-2017 is reviewed, Bitcoin faced similar flat movements before moving up.
Analysts pointed to various reasons for the low volatility. Firstly, capital inflows into the crypto market have been low. It could be due to higher global interest rates. But BTC consolidation at $30000 for the short-term looks likely, which is a positive sign.
Moreover, bullish signs could soon return if traders go by historical movements. Many stakeholders have predicted Bitcoin reclaiming its all-time high by early 2024. Its firm support indicates that long-term investors are still confident in the market. They would likely not resume sell-offs anytime soon.
In the last 24 hours, almost all crypto tokens lost little value. As a result, the global crypto market was broadly at the same level as earlier. Bitcoin’s market cap was steady at $572 billion.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29100 on August 16, 2023, with BTC/USD trading lower by 0.7% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (29,359.59) as BTC’s 24-hour volume increased to around $13 billion. Bitcoin has seen around 76.06% returns on a year-to-date basis.