Bitcoin price is already back headed toward all-time highs set last weekend, after a short-lived, yet steep selloff on the back of a ban potentially hitting India. The full correction thus far was a mere 13% from top to bottom – mundane by the normally notoriously volatile cryptocurrency’s standards.
In fact, one career commodities trader that’s been around markets for decades, says that this current bull run in Bitcoin is “extraordinarily orderly” compared to past crypto market cycles in terms of corrections. Here are the factors that could be behind the overall lack of volatility, as well as a look at what has happened in the past and could soon be ahead.
Bitcoin Price Pulls Back 13%, But Barely A Blip Compared To Past Volatility
Bitcoin price at this very moment is inching back closer to $60,000 after a rejection from that level last weekend. A bloody Monday began the week, but the hotly trending cryptocurrency shook off what ended up being barely a scratch for bulls.
A “bogus” whale alert, says Bitcoin researcher Willy Woo, spooked the market, causing a selloff, combined with some uneasiness surrounding a potential ban coming in India, as well as a CFTC probe into Binance.
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Despite the negative news and 13% crash, Bitcoin has already recovered the entire move, preventing the types of corrections and volatility seen even during past bull markets. Compared to past cycles, corrections have been meager and few and far in between.
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