- Bitcoin is back over the $17,000 mark, after sharply correcting to a low of $16,200.
- As the wider crypto-market recovers, BTC/USDT has seen volatility decline.
- BTC/USDT remains bullish but could still see some sideways movement before it takes off again.
BTC/USDT opened today’s trading period at 16,788.00 USD. The highest price of the trading period was 17,438.79 USD, with the lowest price being 16,438.08 USD. At the time of writing, BTC/USDT has settled at 17,364.30 USD, 2.52% above the high-low average of 16,938.04 USD.
BTC/USDT’s total trading volume for the trading period was 41,808 BTC, less than half of the 85,297 BTC traded in the previous period.
The Historical Volatility Index (HVI) reads 67.90 (medium) at the time of writing, compared to 67.27 at the end of the previous trading period.
BTC/USDT has recovered with the wider crypto-market, opening the trading period at 16,788 USD, dipping briefly to the trading period’s low before climbing above the 17,000.00 USD mark to the trading period’s high of 17,438.79.
During this recovery, there was a brief moment of uncertainty as price dipped sharply from 17,200 USD to 16,938.04 USD mid-way through the trading period. At the time of writing, BTC/USDT has settled at 17,364.30 USD.
BTC/USDT entered this trading period with a trading volume of 3,533 BTC and a mean value of 2,047 BTC carried over from the previous trading period. In the first few hours of the trading period, trading volume fell significantly, reaching a low of 517 BTC. However, this was quickly followed by a spike in trading volume to 2,683 BTC as the 17,000 USD mark was broken, bringing the mean value back up slightly to 1,775 BTC.
At the time of writing, trading volume is 2,372 BTC with a mean value of 1,266 BTC.
The On Balance Volume (OBV) indicator remained stable throughout the entire period, but saw signs of an uptick towards the end of the trading period. The Accumulation/Distribution (Acc/Distr) rose for the entire period.
BTC/USDT entered this trading period with high levels of volatility, opening with HVI reading 10.84 (high) and quickly climbing to (14.27). However, as the recovery took place, volatility decreased to a low of 5.01 (low-medium) before settling at 6.67 (medium) at the time of writing.
There are hints of a recovery to yesterday’s sharp correction to 16,200.00 USD. Volatility has decreased significantly and BTC/USDT is back over the 17,000.00 USD mark, entering a previously established support level.
Acc/Dist has continued its trend upwards suggesting momentum still exists to help BTC/USDT on its way to its all-time-high. However, OBV remained relatively level during this trading period and trading volume fell slightly overall.
Whilst Bitcoin remains bullish over the longer term, in the shorter-term, expect some more sideways movement before BTC/USDT has a fresh attempt at reaching its all-time-high.
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