{"id":539164,"date":"2023-06-23T02:00:03","date_gmt":"2023-06-23T02:00:03","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=539164"},"modified":"2024-06-11T08:04:51","modified_gmt":"2024-06-11T08:04:51","slug":"bitcoin-30-day-price-range-foreshadowed-rally-how","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin-30-day-price-range-foreshadowed-rally-how\/","title":{"rendered":"Bitcoin 30-Day Price Range Foreshadowed The Rally, Here’s How"},"content":{"rendered":"

Bitcoin has observed a sharp rally above the $30,000 mark over the past day. Here’s how the 30-day price range may have foreshadowed this volatility.<\/p>\n

Bitcoin Had Earlier Compressed To A Tight 30-Day Price Range<\/h2>\n

According to data from the on-chain analytics firm Glassnode<\/a>, tight price ranges have historically preceded large moves in the cryptocurrency’s price. In the context of the current discussion, the Bitcoin price range of interest is the 30-day one, simply a measure of the percentage difference between the top price and bottom price that the asset has observed over the last month.<\/p>\n

When the value of this metric is high, it means that the cryptocurrency has seen a significant degree of fluctuation between the high and low set during the past 30 days. Such a trend implies that the asset has registered high volatility<\/a> recently.<\/p>\n

On the other hand, low values suggest the asset has only moved inside a narrow range during the past month. This kind of trend naturally highlights how stale the cryptocurrency’s price action has been lately.<\/p>\n

Related Reading: \u2018Ripple (XRP) Is A Must-Hold For The Next Bull Run,\u2019 Says Bitcoin Maxi<\/a><\/div>\n

Now, here is a chart that shows the trend in the Bitcoin 30-day price high and low, as well as the 30-day price range, over the history of the coin:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have seen an uplift in the last few days | Source: Glassnode on Twitter<\/a><\/pre>\n
As highlighted in the above graph, the Bitcoin 30-day range had compressed to a very tight range recently as the asset’s price had mostly moved sideways.<\/p>\n
During this period of consolidation, the 30-day range had fallen below the 11% mark, meaning that within 30 days, the asset’s top and bottom had only seen price action amounting to less than 11%.<\/p>\n
Related Reading: Bitcoin Whales Show Most Active Hour In 3 Months As BTC Breaks $30,000<\/a><\/div>\n
In the chart, Glassnode has also marked the historical instances where the asset moved in similarly tight or tighter 30-day price ranges. Following such tight price consolidation periods, BTC has generally always observed a sudden burst of volatility.<\/p>\n
Most of the time, this volatility has been in the upwards direction, as the tight 30-day ranges have preceded many rallies in the asset. The 2021 bull run, for example, saw a similarly narrow price range in its early buildup.<\/p>\n
Though most cases may have been like this, the volatility hasn’t always been bullish. During the 2018-19 bear market, the cryptocurrency saw a long stale price action, with the 30-day price range falling to pretty low values. This stagnation finally ended up being broken by the November 2018 crash<\/a>.<\/p>\n
Therefore, the recent tight range that Bitcoin had been stuck under wasn’t certain to lead to bullish volatility. But fortunately for the coin, it would appear that the narrow range has decompressed into a rally this time, as the cryptocurrency has been able to enjoy a sharp jump toward the $30,000 mark<\/a>.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $29,800, up 19% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has observed a rapid increase recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has observed a sharp rally above the $30,000 mark over the past day. Here’s how the 30-day price range may have foreshadowed this volatility. Bitcoin Had Earlier Compressed To A Tight 30-Day Price Range According to data from the on-chain analytics firm Glassnode, tight price ranges have historically preceded large moves in the cryptocurrency’s price. In the context of the current discussion, the Bitcoin price range of interest is the 30-day one, simply a measure of the percentage difference between the top price and bottom price that the asset has observed over the last month. When the value of this metric is high, it means that the cryptocurrency has seen a significant degree of fluctuation between the high and low set during the past 30 days. Such a trend implies that the asset has registered high volatility recently. On the other hand, low values suggest the asset has only moved inside a narrow range during the past month. This kind of trend naturally highlights how stale the cryptocurrency’s price action has been lately. Related Reading: \u2018Ripple (XRP) Is A Must-Hold For The Next Bull Run,\u2019 Says Bitcoin Maxi Now, here is a chart that shows the trend in the Bitcoin 30-day price high and low, as well as the 30-day price range, over the history of the coin: The value of the metric seems to have seen an uplift in the last few days | Source: Glassnode on Twitter As highlighted in the above graph, the Bitcoin 30-day range had compressed to a very tight range recently as the asset’s price had mostly moved sideways. During this period of consolidation, the 30-day range had fallen below the 11% mark, meaning that within 30 days, the asset’s top and bottom had only seen price action amounting to less than 11%. Related Reading: Bitcoin Whales Show Most Active Hour In 3 Months As BTC Breaks $30,000 In the chart, Glassnode has also marked the historical instances where the asset moved in similarly tight or tighter 30-day price ranges. Following such tight price consolidation periods, BTC has generally always observed a sudden burst of volatility. Most of the time, this volatility has been in the upwards direction, as the tight 30-day ranges have preceded many rallies in the asset. The 2021 bull run, for example, saw a similarly narrow price range in its early buildup. Though most cases may have been like this, the volatility hasn’t always been bullish. During the 2018-19 bear market, the cryptocurrency saw a long stale price action, with the 30-day price range falling to pretty low values. This stagnation finally ended up being broken by the November 2018 crash. Therefore, the recent tight range that Bitcoin had been stuck under wasn’t certain to lead to bullish volatility. But fortunately for the coin, it would appear that the narrow range has decompressed into a rally this time, as the cryptocurrency has been able to enjoy a sharp jump toward the $30,000 mark. BTC Price At the time of writing, Bitcoin is trading around $29,800, up 19% in the last week. BTC has observed a rapid increase recently | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":539230,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,88478,6481,790,1119,1144],"class_list":["post-539164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-30-day-range","tag-bitcoin-rally","tag-bitcoin-volatility","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin 30-Day Price Range Foreshadowed The Rally, Here's How<\/title>\n<meta name=\"description\" content=\"Bitcoin has seen a rally above the $30,000 mark over the past day. 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Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/shenyangcang.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin 30-Day Price Range Foreshadowed The Rally, Here’s How","url":"http:\/\/shenyangcang.com\/news\/bitcoin-30-day-price-range-foreshadowed-rally-how\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/news\/bitcoin-30-day-price-range-foreshadowed-rally-how\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/06\/iStock-1367449613-2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/06\/iStock-1367449613-2.jpg?fit=2121%2C1414"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin 30-day range","bitcoin rally","bitcoin volatility","btc","btcusd"],"dateCreated":"2023-06-23T02:00:03Z","datePublished":"2023-06-23T02:00:03Z","dateModified":"2024-06-11T08:04:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin 30-Day Price Range Foreshadowed The Rally, Here’s How\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/bitcoin-30-day-price-range-foreshadowed-rally-how\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/bitcoin-30-day-price-range-foreshadowed-rally-how\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/iStock-1367449613-2.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/iStock-1367449613-2.jpg?fit=2121%2C1414\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin 30-day range\",\"bitcoin rally\",\"bitcoin volatility\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-06-23T02:00:03Z\",\"datePublished\":\"2023-06-23T02:00:03Z\",\"dateModified\":\"2024-06-11T08:04:51Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/06\/iStock-1367449613-2.jpg?fit=2121%2C1414","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/539164"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=539164"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/539164\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/539230"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=539164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=539164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=539164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}