Data shows Bitcoin has been stuck in a historically tight range recently, something that could be a precursor for extreme volatility.
Bitcoin 30-Day Price Range Has Compressed To Tight Values
In a new tweet, the analytics firm Glassnode has looked into how volatile the asset has been recently. One way to quantify the volatility of Bitcoin is by taking the highest and lowest price points over a specific time period and calculating their percentage difference.
The timespan of interest in the context of the current discussion is the 30-day period, meaning that the volatility here is calculated by checking for the difference between the top and bottom registered during the last 30 days.
Naturally, whenever the value of this metric is high, it means that the cryptocurrency’s price has observed large fluctuations in the past month. On the other hand, low values imply that the asset has traded inside a narrow range.
Now, here is a chart that shows the trend in the 30-day high and low, as we
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