Bitcoin price remains around $64.000 as volatility drops to lowest point in two years

The Bitcoin price has barely moved for quite some time, while volatility has dropped to its lowest point in more than two years. Analyst Michaël van de Poppe says these are precisely the periods that precede a significant price move. Bitcoin is currently trading at $63.500, up 1.8% over the past 24 hours.

Bitcoin is available at OKX and Bybit.

In short:

• Bitcoin is moving sideways around $64.000 as the market shows little direction
• Volatility has fallen to the lowest level in more than two years
• Michaël van de Poppe expects that once the market breaks out, the move will be substantial

Sideways movement around $64.000

Bitcoin has been hovering around $64.000 for quite some time. The price has neither managed to move clearly higher nor fall back sharply. On the daily chart, the price can be seen to be in a kind of compression zone, moving ever closer to a breaking point.

Blockchainstories previously reported on how the Bitcoin price is struggling below the mid range, with the central question being whether a bottom is forming or further declines are looming. That uncertainty remains.

Lowest volatility in two years

Michaël van de Poppe points out that volatility has currently reached its lowest level in more than two years. That may sound dull, but historically, quiet periods like these often herald a major move. The direction is still unknown, but Van de Poppe states that once the market starts moving, the outcome will be significant.

The chart also shows an important price level around $60.676. Van de Poppe says the price must retake this level on shorter timeframes to prevent further declines. On the downside, there is a support level around $58.115, which serves as a critical boundary should the market fall further. Whether Bitcoin can catch up with the stock market remains the big question for now.