Analysis Crypto by Thebittimes.Com

Source: Adobe Stock After reaching its all-time highest value of almost $67,800 in November 2021, the price of Bitcoin (BTC) has been on the decline ever since. The pioneering cryptocurrency has halved in value since the start of the year and has demonstrated an overtly bearish trend for much of this period. But things may be starting to turn around. Recent data collected across a variety of metrics now indicates that Bitcoin’s price bottom is in sight, and the market may be on the cusp of a sharp turnaround. And it appears that the institutional traders have already begun to make their moves. Bitcoin Open Interest Reaches ATH Defined as the total number of contracts that are held by market participants and not yet settled, open interest (OI) is often used to gauge market sentiment — with high open interest usually taken as a bullish indicator. Open Interest for Bitcoin perpetual futures on Binance, the world's largest cryptocurrency exchange, recently re...

The volatility in the Bitcoin market has been on the fall of late. The current reading of 2.66% depicts that Bitcoin volatility is roughly half of what it was in the latter half of June. As a result, the price of the largest crypto asset remains to be stagnated at around $19k. Source: CoinGlass In fact, the state of the Bollinger Bands echoed the same narrative. A recent analysis by Bloomberg brought to light that the width between the said bands has shrunk to its narrowest since 2020. This technical Analysis indicator gauges volatility by measuring the gap between the upper and lower bands . Per the thumb rule, when the bands are far apart, volatility is high in the market. Contrastingly, when they are close together, volatility is low. Periods of low volatility are generally followed by high volatility and vice versa. The width between the bands has been this narrow around five other times in the past two years. In four instances, Bitcoin ended up shedding almost 16% ov...