Bitcoin (BTC) is struggling to break through the psychological level of $28,000, but its volatility has dropped to a historically significant range. Previous chart patterns suggest that there could be a price increase, but caution is necessary as this has not always been the case.
According to cryptocurrency analytics platform IntoTheBlock, the 60-day volatility levels of Bitcoin were below 40% on May 18, which has only happened eight times in the last five years. This suggests that Bitcoin has a greater chance of reaching the price range of $39,290 in the near future than it does of dropping to as low as $13,500, although the latter is still a possibility.
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