Over the past 7 days, Bitcoin has faced pullbacks on a few occasions. On June 11, a 7.06 percent depreciation brought down its valuation from $9777 to $9088, but the asset was able to bounce back above $9333.
On a similar note, 24-hours back Bitcoin dipped 4.74 percent to a breach below the $9000 range, but once again, BTC was able to move back over immediate resistance at $9333.
With such turbulence, major on-chain metrics for Bitcoin were undergoing transitional differences.
According to Arcane ‘s recent weekly update, Bitcoin’s 7-day average trading volume shrugged off its bullish hopes of the past week as trading volume dipped below the 2020 average. A small spike was observed, but the high volume was in-correlation to the price-drop, suggesting that the trading volume was largely based on a strong-sell.
Surprisingly, Bitcoin’s 7-day volatility has not really increased since the beginning of June, despite recent turbulence. Although data from yesterday’s pullback has not yet been accounted, 7-day volatility has dropped to its lowest level in the last week of 2020. The chart above suggested that Bitcoin’s 30-day volatility rate was more volatile over the short term. However, these data may be subject to change following yesterday’s subsequent pull-back and surge.
Bullish Bitcoin optimism is facing another phase of uncertainty?
It’s no secret that the price movement of Bitcoin has been rather turbulent and uncertain since Bitcoin completed its 3rd halving. The asset struggled to breach the $10,000 psychological resistance, and its repeated bouts of key resistance are damaging to its trend sentiment.
According to Bitcoin’s Fear and Greed Index, Bitcoin was back in the “Fear” zone at the time of writing, as the index dropped below 39 in the charts. The Fear and Greed Index hasn’t been this low since late April.
Considering, the Bitcoin market is very unstable at the moment, the index might rise back up over the next few days is the asset is able to sustain a rally above $9700 again.
At press time, Bitcoin is on the rise as we speak, breaching above the resistance mark of $9518 on 16th June 3:30 UTC. Bitcoin is valued at $9539 at the moment.