Bitcoin correction to remain between $30,000
Bitcoin experienced another volatility, reaching $29,300. This is the lowest price since a Chinese miner closed on 21 June.
This time, the main explanation for the decline is FUD (term used to designate "fear, uncertainty and doubt", derived from the acronym for "fear, uncertainty and doubt" in English), because of one Bitcoin Approximately 40,000 bitcoins were unlocked in Fund greyscale, the largest custodian of the cryptocurrency market.
However, according to Wander Guedes, head of Crypto Prime Brokerage at Transfero, this correction was expected, but it lost momentum. “When there's a big rally, as it happened in recent months, when Bitcoin hits over $65,000, there will always be a correction. When we compare the crossing of short-term and long-term moving averages,
volumes behave descending, indicating that the downward movement (declining price trend) is losing intensity. “The quotation has already reached 29 thousand three times. USD, but this value has not been broken. So unless there is some new impact that could create uncertainty in the market.
Furthermore, many analysts believe that we are entering a period of accumulation where most large investors are pulling their BTC from brokers to safe portfolios (cold portfolios).
the implied volatility of the BTC close to 72% is considered low for the cryptocurrency market and reflects the expectation of market calm. "The brokers do not believe that something will happen in such a short time that will cause the price level to change quickly", he pondered. According to him, on June 21, implied volatility reached close to 200% in the series closer to maturity, which can be considered a very high and very rare level.
