As Bitcoin continues to trade in the $30,000 range, the asset steadily inches closer to reaching the yearly high values after trading in the range for a brief period. Notably, the asset has maintained a stable momentum with very light ups and downs.
According to recent data from Glassnode, an on-chain analytics firm, Bitcoin 14-day price range remains extremely tight given the asset’s majority trading value around $30,000 and touching the highest at $31,000. Notably, the price range with its recent values over the past two weeks reside at a current value of 6.38%.
Reportedly, only 6535 / 113989 trading hours have recorded a tighter 14-day trading range. Hence, over 5.63% of the total trading hours have only exceeded the current value. Notably, the 113989 trading hours cover for a total of over 13 calendar years.
Additionally, the tight range represents smaller values of volatility experienced by the asset. However, in such a scenario, Glassnode writes that the probability of a volatile move in either direction is enhanced.
The tighter trading range also validates the previous data reported by Todayq News where the Bollinger Bands recorded an extreme squeeze. To this, Glassnode implied that price range of just 4.2% separates the upper and lower Bollinger bands highlighting market’s low volatility.
Simultaneously, the TD (Tom Demark) Sequential has shown a buy signal on a 12-hour chart for Bitcoin, coupled with the formation of a reversal doji candlestick as shown in the graph below. The TD Sequential is a powerful tool designed to identify the exact time of trend exhaustion and price reversal.
To this, Glassnode highlights that Bitcoin has to avoid any bearish movement which could push the price level past $29,800. Analysts imply that the asset must try avoiding the $29,800 to gain the strength and validate the bullish anticipations to climb past the $30,000 or $31,000 levels.
After being in the bearish phase for majority of 2022, Bitcoin is bringing major relief to investors with its recent action. The asset has yielded positive results on major metrics signaling profits to the investors.
Simultaneously, long-term holders i.e. the experienced investors are the ones who are choosing to accumulate the asset showing their optimism and hope. While analysts suggests decline to be not below $29,000 levels, the asset is currently trading at $30,112.00, about a 0.5% surge over the past day.