Bitcoin’s Unnaturally Calm Climb Leaves Its Record High Within Striking Distance

Bitcoin’s Unnaturally Calm Climb Leaves Its Record High Within Striking Distance
Andrew Rummer

over 2 years ago1 min

Crypto markets can often be frantic, with double-digit percentage price swings in a single day incredibly common. And that manic background makes bitcoin’s current push towards a fresh all-time high all the more remarkable.

As the chart above shows, previous strong rallies in bitcoin’s price (plotted in blue) were accompanied by similarly large jumps in its volatility (plotted in pink). The current bitcoin rebound that began in late July is a rarity: the price is grinding steadily higher even while overall volatility stays subdued.

This lack of volatility could be taken as a sign that bitcoin’s gains will have more staying power than previous peaks, which departed as quickly as they arrived. 

Combined with this year's first sustained pick-up in new addresses on the bitcoin network and a clear momentum break above the key 50- and 200-day moving averages, the picture for bitcoin is looking remarkably bullish. 

New addresses on the bitcoin network
New addresses on the bitcoin network (7-day moving average)
Bitcoin’s price has broken above key moving averages
Bitcoin’s price has broken above key moving averages
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