Since May 10, after a minor dip, Bitcoin’s volatility has been relatively lower as its price range traded between $60,000 and just above $61,000 for consecutive days.
Over the last two days, Bitcoin’s volatility went down from its earlier levels, leading to a fixed range of BTC price action. This range has been between $60,000 and approximately $61,000, with support at $60,000. Bitcoin retested the $60,000 price level, but the absence of a dip could mean bulls are active around the mark.
The volatility levels are unlikely to rise on May 12, but the upcoming week‘s events may lead to changes. On the other hand, the BTC price action is mirroring past trends, when a stagnant run led to bull runs. If this repeats, then $70,000 and $100,000 could become important price targets for Bitcoin.
Technical crypto analysis firm Rekt Capital also indicated another event in the crypto market. It said the market was mirroring the post-halving movements of 2026.
It published a post and said, “Bitcoin has repeated 2016 history perfectly, offering a downside wick below the bottom of its current Re-Accumulation range within a three-week window after the Halving.”
If one goes by this prediction, then a rally in the crypto market could be looming. Meanwhile, BTC could be set to hit record levels if it happens.
BTC/USD 1D price chart
Bitcoin is currently trading at around $61,900 on May 12, 2024, with BTC/USD trading higher by a margin of 0.24% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.20 trillion in the last 24 hours.
BTC/USD is trading above its 20-day EMA (62,672.75), as BTC’s 24-hour volume was at around $13 billion. The global crypto market cap increased by around 0.11%, trading above $2.26 trillion. BTC’s year-to-date returns are at 44.27%.
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