Bitcoin ‘Solidifies’ Support At $58K As Volatility in the BTC Falls to a 7-month low.
Bitcoin volatility has been frustrating for traders, but it seems the market is finally seeing some stability after months of ups and downs.
Bitcoin is rallying, as the cryptocurrency “solidifies” support at $58K. The volatility in the BTC has fallen to a 7-month low. Read more in detail here: how to get a job in cryptocurrency.
Support is “solidifying” at present levels, according to Rekt Capital, a trader and analyst, signaling that a more convincing trend reversal is still possible. Bitcoin’s support has been strengthened, according to him, with a lengthy negative wick around the bottom of the black wedging structure and a strong recovery.
BTC Price Changes
Encourageing signals steer investors away from anticipating the worst as BTC/USD sets multi-day highs with no big reversal. BTC hit a multi-day high of $58,300 overnight on November 25 as investors gambled on a decreased chance of a price crash.
At the time of writing, the price of Bitcoin was $58,076.11, up 2.64 percent. The coin’s trading volume in the previous 24 hours was $34,185,292,068 with a market cap change of $1,069,446,719,146. The total supply is 18,882,837 BTC, with a maximum supply of 21,000,000 BTC and a circulating supply of 18,882,837.00 BTC.
Binance Coin (BNB), on the other hand, rose 8% week over week to become the single standout among the top 10 cryptocurrencies by market capitalization. The current price of the BNB is $639.34, with a market capitalization of $106,355,032,518. The coin has a 24-hour trading volume of $106,355,032,518. Other tokens were either flat or slightly down, with Solana (SOL) leading the way with an almost 7% decrease to over $200 for the day.
The most amusing finale to a crypto bull market, according to expert Pentoshi, would be double-digit inflation and people not understanding why it may be adverse for risk on assets.
Exchanges gave conflicting signals regarding selling pressure this week, with significant inflows and outflows reflecting a very active market. The exchange whale ratio, which measures the amount of the top 10 deposits in terms of exchanges as a proportion of total deposits, is concerning.
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Bitcoin has “solidified” support at $58K as volatility in the BTC falls to a 7-month low. The market is still waiting for the next big move, but there’s no one reason that can be pinpointed for the sudden spike and fall of bitcoin. Reference: why did bitcoin spike.