- Bitcoin’s volatility hits a 3-year low
- Traders are expecting Bitcoin to surge higher due to its recent volatility level
- The hash rate of the Bitcoin network hits a new all-time high
Bitcoin News Today – After remaining stagnant in a tight range for about two months, some macro indicators are now suggesting that a BTC uptrend is close. Since May this year, the price of the digital currency has been stuck between the $8,500 and $10k range. Bitcoin has remained between $9k and $9,500 for the better part of the month. This price action has brought the volatility of the digital currency to a 3-year low.
Traders Expect Bitcoin Rally as Bitcoin’s Volatility Hits a 3-Year Low
Data from Skew revealed that Bitcoin’s volatility has dropped to levels not seen since 2017. Researchers at Skew said: “Bitcoin realized volatility on three years low, Tesla is eating Bitcoin’s lunch!”
Many are now expecting the price of the digital currency to surge significantly higher due to the multiyear low volatility level amidst the massive rallies of altcoins. Over the past few weeks, altcoins such as Chainlink, Cardano (ADA), and Tezos (XTZ) recorded more gains than Bitcoin and Ethereum (ETH).
Bitcoin (BTC) Price Today – BTC / USD
For instance, Chainlink recorded a new all-time high in the second week of July, and the altcoin achieved this regardless of the stagnant digital currency market.
Traders are now expecting BTC to see an increase in volatility due to the increase in appetite for digital currencies with low market caps. Data from Skew shows that some of the top BTC futures exchanges like Bybit have seen a steady increase in open interest. The open interest of BitMEX has surged to $650 million while that of Bybit has surged to $500 million, and this indicates futures traders anticipate volatility soon.
Hash Rate of Bitcoin Hits All-Time High
According to Blockchain.com, the hash rate of the BTC network hit a new all-time high on July 8. It exceeded the previous high set earlier in March, just before Bitcoin plunged below $3,600, surging to 125.99 million terahashes per second. After Bitcoin halving, the hash rate of the network plunged to as low as 90.29 million terahashes per second. Barely up to two months after, it has hit a new high. This indicates that the mining industry is still very strong, and the chance of a death spiral is very low.
Another micro indicator is the recent confirmation of the Hash Ribbons buy signal, and this was reported by the digital asset manager at Capriode – Charles Edwards. Data also shows that withdrawals now equal mass HODLing. The “HODLwave” chart created by Willy Woo – a digital currency investor – shows an increase in newfound demand for BTC. Many bullish factors are signaling an imminent Bitcoin price rally.