Although the Bitcoin price has stabilized above $19,000, it could be the calm before the storm so expect high volatility on Bitcoin
Important levels to watch are $19,500 and $18,600.
The past days were a real rollercoaster ride for the Bitcoin price. Before last weekend,high volatility on Bitcoin, hardly a day went by on which the price did not fluctuate by more than 1,000 USD. Over the past weekend, however, some calm came to the crypto market. The price of BTC had stabilized at 19,300 USD at the time of going to press and thus recorded a 4.5% increase over the last seven days.
Social volume on Twitter shows cooling of the market on company santiment data analysis. When Bitcoin reached a new all-time high on some exchanges on December 1, there was great euphoria. However, after BTC failed several times to break through USD 20,000 it established a support level to flatten the hype .
According to the social volume and positive/negative commentary ratio of #Bitcoin on #Twitter, it does appear that the euphoria has died down a bit as market prices came up just short of $20k on previous attempts. But still more optimism than $BTC‘s normal resting average.
Nevertheless, the bulls have the market firmly under control. With a closing price of just under USD 19,400, Bitcoiners can celebrate the highest weekly close ever. Many analysts see this as confirmation that Bitcoin is currently not forming a “double top” near the USD 20,000 mark. Nevertheless, it could currently be the calm before the storm.
Is the Bitcoin share price threatened by strong volatility again?
According to analyst “Hornhairs”, BTC has formed a symmetrical triangle formation on the 1-hour chart, which could confirm the upward trend if the price breaks above $19,500. On the other hand, a loss of the $18,600 mark could mean another correction.