It’s been a rough couple of days for Bitcoin after the top crypto endured numerous rejections at the $9, 500 zone.
Moreover, Bitcoin analysts and traders have observed extremely low volatility in the BTC market over the past few weeks
The chart below from Blockroots founder Josh Rager clearly displays that for the past 8 weeks, BTC has been trapped in a 15% range, something unusual for this volatile asset class.
Bitcoin To See a Move of Macro Importance
In mid-March, BTC volatility went off the charts as the leading cryptocurrency by market cap plummeted by about 40% in a matter of hours, reaching lows of $3,700 in a move that liquidated billions.
Since this remarkable volatility spike, Bitcoin has effectively flat-lined, trading with no noticeable trend. And according to an analysis by this twitter user and crypto analyst, volatility has dropped to crucial lows suggesting that a massive Bitcoin move is imminent.
As per his data, Bitcoin’s volatility is at lows not seen since March-April of 2019, a period that saw BTC trade in the $3,000s range for around 4 months, after which the coin shot up by 25% on April 1st.
The move then took BTC from $4K to $5K, before kick-starting an extensive bull run that saw BTC reach the year high of $14K.
The fact that volatility is at a crucial low suggests that Bitcoin will see a move of macro importance in the following weeks, with a Bloomberg analyst confirming that the extremely low volatility is a bullish sign.
However, in the near-term, indicators suggest that a bearish undercurrent has formed as BTC has consolidated around $9k, with the flagship coin trading at $9,071 during press time.
ADA Shows Strong Bullish Performance
Cardano (ADA) has quickly risen to prominence, becoming one of the most popular crypto-assets over recent weeks.
The popular altcoin has, in fact, re-entered the top-10 to be ranked 8th according to CoinMarketCap, with a value of $0.0995 at press time.
Furthermore, data shows that ADA is up by 150% since the start of the year, outperforming BTC by nearly five times and other top digital assets by many times more.
As we had previously reported, ADA reached a new 2020 high a few days ago after surging to $0.097 for the first time in 13 months, marking its highest price since Jun. 2019.
Despite its already-strong performance, which has been primarily driven by the news that the project has launched the first Shelley node on Cardano’s Mainnet, a prominent crypto research startup now suggests that ADA still has room to run.
According to Weiss Crypto Ratings’ analysts, ADA is currently one of the most bullish looking price charts of any top digital asset. To add to the optimistic sentiment, Nik “Altcoin Trader” Patel, an author, and technical analyst, confirmed that Cardano continues to look bullish.