Bitcoin Price Volatility
Bitcoin price volatility has recently declined, with the digital currency trading within a relatively modest range over the past few days. At the time of writing, Bitcoin was fluctuating close to $34,000, and it has experienced minimal movement in the past 24 hours, as reported by Coinbase BTC/USDT data provided by TradingView.
Technical Levels to Watch
Given the current stability in Bitcoin’s price, traders are curious about the next potential moves and key technical levels to observe. Investment advisor Brett Sifling from Gerber Kawasaki Wealth & Investment Management highlighted a specific price level to focus on:
“Now that Bitcoin has broken out over the year to date highs ($32,000 resistance level), investors will look for continued momentum above that level,” Sifling stated. “Ideally, it will hold that level if the price decides to correct and test the previous resistance level, confirming it as new support.”
Greg Magadini, Director of Derivatives for digital asset provider Amberdata, provided insight into Bitcoin’s key technical levels, focusing on derivatives as risk management tools:
“Option traders are positioned for BTC to move! Especially in the EOY DEC expiration cycle, traders are positioned into 2 major zones,” said Magadini. “Major resistance is found at: $37k then $45k. The $40k DEC expiration has a large concentration of negative dealer gamma… as traders have been buying 40k call options expecting follow through as hopes for the SPOT bitcoin ETF grow louder.”
