Analysts predict Bitcoin volatility spike as market aligns like a ‘coiled spring’
Glassnode and FalconX highlight a 'coiled spring' setup in Bitcoin, driven by compressed price ranges and increased liquidity.
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Sell-off after rate cuts, nearing resistance, and overall bullish indicators paint Bitcoin's landscape this week, according to analysts.
Despite current volatility, Bitwise CIO Matt Hougan anticipates a strong recovery for Bitcoin in the final quarter of the year.
Bitcoin fell below $54,000 as uncertainty over potential rate cuts led to heightened market turbulence.
Ethereum and Solana echoed Bitcoin's movements, with both giving up the previous day's gains within the last few hours.
Long-term holders are especially accumulating more Bitcoin, following four months of divesting their holdings after the all-time high.
The flagship crypto was still up 3.75% over the past 24 hours and trading at $60,770 as of press time,