The price of Bitcoin (BTC) in the near future may “get into motion” — the high volatility of the first cryptocurrency was predicted by Glassnode.
Glassnode analysts released a weekly report, paying attention to the state of the futures market among other factors. The volume of open positions on open-ended futures contracts on Bitcoin exceeded 250.000 BTC. Such figures have always preceded a rise in volatility levels in the past.
A total of four such periods have been recorded since April 2021. High open interest is accompanied by the risks of a short or long squeeze. This situation leads to a large number of liquidations, which provokes the growth of volatility.
Also, Glassnode notes the general uncertainty that overhangs the Bitcoin market. Against this backdrop, the daily trading volume of BTC fell to 20 billion, according to CoinGecko.