Bitcoin’s volatility at par with the end of 2017 bull run; will the price rebound?

  • 18 July 2019, Thursday, 20:40

Bitcoin [BTC] has been facing the brunt of the deliberations being carried out in the House of Representatives, plunging by almost 12% in its immediate aftermath. Just a month back, the king coin was re-visiting its old highs. However, this trend changed within no time and Bitcoin has since, been falling.

Skew Markets on Twitter made an observation about the volatility of the coin. The Twitter handle said,

“Bitcoin volatility is back to levels not seen since the end of the great 2017 bull market”

However, Twitter users feel that this volatility is just to do with the price levels’ volatility, and not the bull run Bitcoin is on. The coin has been extremely volatile over the past few days, even plunging below the $10k mark.

Another prominent trader and Founder of Node Source, Joe McCann, tweeted about the coin’s price falling on July 1. He had tweeted,

” 2/ After a punch through $10,000, bitcoin rose another 38.67% in just 4 days after the $10,000 breach. However, the price hit strong resistance at $13,900; $13,863.13 is the highest monthly close on record (December 2017).”

It was predicted that the coin would re-surface soon. With the price of Bitcoin at press time on the rise, that day will be here sooner than expected.

At press time, BTC was being trading at $9,503.05, with a market cap of $175.06 billion. The 24-hour trading volume of the coin was reported to be $23.31 billion, as it reported a fall of 15.44% over the week. However, while Bitcoin noted a 5% gain over the day, it was falling by 4.25% in an hour.