At the moment, BTC buyers are trying to take the cryptocurrency back into the upper-$8k zone. This is coming after the generation of elevated bullish pressure by buyers following the move of BTC to lows of $8.2k earlier this week.
It seems BTC may soon secure some huge volatility that spreads across the whole cryptocurrency market. This is because historical data suggests that its monthly CME close, as well as its narrow trading range, will bolster a key movement.
However, it is not clear whether this volatility will favour buyers or sellers. There is a likelihood that this year’s uptrend strength will enhance BTC bulls.
At press time, BTC and the entire cryptocurrency market are on the upside, with BTC experiencing an upsurge just below 3 per cent at $8.6k. Besides, other leading cryptos have been able to surge in line with Bitcoin, as ETH and XRP surged by 3 per cent while BCH recorded a remarkable rally of 11 per cent.
It seems the markets have been positioned for a short-term rally in the near-term, despite that the prices of BTC and other cryptocurrencies remain slightly beneath their local highs, which is still powerful barrier levels necessary to break above.
According to the renowned analyst, Big Cheds, the somewhat volatility observed today is due to BTC’s monthly CME close is just a few days away, pointing to the possibility of an upcoming huge session of volatility.