Bitcoin volatility is flat…Analysts say the cryptocurrency would see price action between 30% and 60%

During the weekend, Bitcoin(BTC) volatility was quiet flat at the level of USD 9,200. While it maintains the USD 9,200 supporting line, failing to break above the resistance line between USD 9,300 and USD 9,400. The cryptocurrency has been traded at between USD 8,500 and USD 10K for last couple of months, and between USD 8,800 and USD 9,400 for last couple of weeks.

"BTC historical volatility is nearing 40. Such low volatility has led BTC to witness major price action between 30% and 60% in the following weeks," argued Josh Rager, a cryptocurrency analyst, on Twitter.

Bitcoin historical volatility (HV) nearing 40$BTC volatility this low has historically led to major price action between 30% to 60% movement in the following weeks

From current price:
30% move to the upside is $12,200
30% move to the downside is $6,500

Put your seatbelt on pic.twitter.com/ERzWudn547

— Josh Rager 📈 (@Josh_Rager) July 12, 2020

Fewer people tended to trade. Fear and Greed Index, suggested by Alternative, recorded 41, 3 points decreased compared to the previous day, remaining "Fear". A value of 0 means "Extreme Fear" while a value of 100 represents "Extreme Greed".

"BTC/USD now faces the resistance zone between USD 9,350 and USD 9,400. If BTC bulls break above the USD 9,500 resistance line, its price can rally by the USD 9,600 and USD 9,800 further. But, if it fails to break the hurdle between USD 9,400 and USD 9,500, it could drop by the supporting line at the USD 9,000 and at the USD 8,800," anticipated Aayush Jindal, an analyst from NewsBTC.

"BTC price is highly likely to reach the level of USD 9,600 when it breaks above the USD 9,300," tweeted Crypto Michaël, another prominent cryptocurrency analyst.

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