Crypto Blog
Bitcoin fell to a monthly low of $65,000 on June 14 and is currently down around 5% since the same time last week. However, zooming out to view the bigger picture shows that the asset is still consolidating where it has been since early March.
“There are two outcomes: 1) Bitcoin remains a stablecoin for a new paradigm. 2) Volatility is just over the horizon.”Moreover, the Bitcoin sell-side risk ratio, a metric used to navigate volatility, is currently low, suggesting that most profit and loss have already been realized. This implies that the market needs to move in order to motivate the next round of spending, the analyst said.
“My assessment is that the market is ready to move in the short term , but not necessarily in the longer term .”
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