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Bitcoin (BTC) markets have returned to lethargy after a spike in volatility as U.S. regulators stepped up their attacks on the industry. As a result, the consolidation continued, BTC recovers from losses and returns to the range channel
On June 19, analyst platform Glassnode reported that volatility, trading volumes and realized value of bitcoin are at multi-year lows. On this “road to nowhere,” BTC markets showed minimal reaction to the news that late last week the world’s largest asset manager, BlackRock, had applied to create a spot bitcoin ETF.
The BTC markets have shown minimal reaction to the news that the world’s largest asset manager, BlackRock, filed for a spot bitcoin ETF late last week.
Analyst Glassnode under the nickname @_Checkmatey_ described the current market situation as a period of hangover.
“Bitcoin is subdued, trading volumes are down, and it’s pretty clear that we’re in a phase of hangover apathy.”
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After examining the coin’s 30-day price range, Glassnode analysts reported that such quiet periods are infrequent.
BTC has been in a range for more than three months. The upper boundary of that range was set on April 15 at $31,000 and the lower boundary was set on June 15 at $25,000.
Such market conditions usually occur during “periods of apathetic hangover that follows a bear market,” experts say.
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BTC price highs and lows. Source: Glassnode.
In addition, bitcoin’s monthly realized volatility has also fallen below 40%, one of the lowest levels since the bull market of 2021.
“We see these episodes usually occur during a prolonged sideways move when the market is getting back on its feet after a prolonged bearish trend.”
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In addition, the absolute value of profit and loss taking events fell to cycle lows and October 2020 lows of about $268 million.
Decline was also seen in derivatives markets, with futures trading volumes dropping to $20.9 billion a day. This is because liquidity in the digital asset markets continues to decline.
On the other hand, hodlers continue to accumulate coins. Currently, the rate of this accumulation is about 42,200 BTC per month. This suggests that “the price-insensitive class is absorbing a non-trivial portion of the currently available supply.
In the meantime, bitcoin, after spending three days in a flat, got a little more alive during this morning’s Asian session and attempted to storm the psychological level of $27 000. At the time of writing, the price has already rolled back to around $26 830, but continued to trade with an intraday gain of 1.5+%, according to Coinmarketcap.
In general, after the collapse caused by the SEC action last week, bitcoin has recovered slightly, but is still trading 1.5+% below the highs.
On the whole, bitcoin recovered slightly after last week’s SEC-caused collapse, but is still trading 61+% below its all-time high, entrenched in bearish territory.
