Ahead of halving, volatility metric shows Bitcoin is near recent “sell-off” levelsBTC $7779 (+0.1%) • ETH $198 (+0.8%) • XRP $0.21 (+8.7%)
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Bitcoin’s recent price rise is attributed to the much-awaited halving event on May 12, but one metric suggests a sell-off is due if past samples are considered. Metric close to previous levels but not “holy grail” On-chain analytics provider Skew noted Bitcoin’s implied volatility indicator neared previous “sell-off” zones — specific instances where certain levels on the proprietary indicator were followed by a decrease in Bitcoin prices early this year. The mentioned levels were previously seen in early-February, 2020, when Bitcoin briefly touched the $10,000 level but began a drastic 50 percent decline — from 18 February – 22 March — soon after. The indicator’s parameters led to sell-offs in October and November 2019, when Bitcoin went from approximately $10,000 to $8,000 and $8,800 to $7,000 respectively. More news ⏬Cardano (ADA) is looking to challenge subscription industry, launches African initiative
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Ahead of halving, volatility metric shows Bitcoin is near recent “sell-off” levels