Bitcoin Price – Solidifying ???? its support at $ 58,000 as its volatility hits a 7 month low

Bitcoin (BTC) hit multi-day highs of $ 58,300 on the night of November 25th and Investors were counting on the low probability of a further sharp decline in the share price.

BTC / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair was trading above USD 57,000 on Thursday, printing a higher low on the daily chart.

According to trader and analyst Rekt Capital, this shows that the support “consolidates” at the current level and hopes for a more convincing turnaround.

Bitcoin Price – Solidifying ????  its support at $ 58,000 as its volatility hits a 7 month low
Bitcoin Price – Solidifying ???? its support at $ 58,000 as its volatility hits a 7 month low

“Bitcoin has certainly solidified its support here, creating a long bearish wick at the bottom of the black wedge structure and bouncing off strongly.”, She called to your Twitter followers.

In addition, today’s candle forms a higher low compared to yesterday’s candle.

BTC / USD (Coinbase) 1-day candlestick chart with annotations. Source: Rekt Capital / Twitter

The mood was shared by the cryptocurrency trading firm QCP Capital, which on Wednesday summarized the expected near-term results.

“So far, selling pressure has effectively limited the entire rally. The question is whether it will lead to a downside breakout.”he wrote in a market update for subscribers to his Telegram channel.

â ???? We bet the market will consolidate rather than collapse. ”

As Cointelegraph reported, This week, the exchanges gave mixed signals on selling pressure, with large inflows and outflows marking a very active market.

Nevertheless, The volatility remains the lowest in more than half a year, which reinforces the relatively stable price conditions.

Bitcoin volatility graph. Source: Buy Bitcoin Worldwide

Altcoins falter, led by the repetition of Solana support

Of the top 10 cryptocurrencies by market capitalization, Binance Coin (BNB) became the only outstanding with an increase of 8% week after week.

Other tokens were flat or suffered minor losses, led by Solana (SOL), which fell nearly 7% that day to nearly $ 200.

SOL / USD (FTX) 1-hour candlestick chart. Source: TradingView

For fellow traders and analysts Pentoshi, Macro factors could lead to even more pronounced stagnation in the cryptocurrency race.

“The funniest end to a crypto bull would be double digit inflation and people don’t understand why this can be bearish for wealth risk.”he commented in a thread Twitter originally launched on November 16.

â ???? Exactly what people are cheering at the expense of others can end this cycle. ”

On Thursday, he affirmed the possibility of deflation in 2022.

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