Bitcoin (BTC), the flagship cryptocurrency, still fails to get rid of its bearish channel that started in November 2021. At the same time, its volatility hits one local low after another.
Bitcoin's volatility targets new lows: Check the data
According to data shared by the Buy Bitcoin Worldwide portal, Bitcoin's historical volatility is at 18-month lows. Its 60-day estimated average value dropped to 2.62%.
The last time Bitcoin's (BTC) volatility was so low was in November 2020, when the orange coin climbed above $10,000 for the first time in this bullish cycle.
Thirty-day volatility dropped to a local low on April 27, 2022, but now shows signs of recovering.
Not unlike VIX for the stock market, the Bitcoin Volatility Index (BVOL) displays how much Bitcoin's price fluctuates on a specific day, relative to its price.
The last spike of Bitcoin (BTC) volatility was registered in July, 2021: on the 30-day timeframe, the flagship crypto was twice as volatile as it is now.
"Extreme fear" still dominates the market as BTC spikes over $39,000
Meanwhile, after touching the local low at $37,400, Bitcoin (BTC) has started recovering. After the most bearish April ever, the flagship cryptocurrency recovered to $39,100.
However, traders are not so excited by this pale recovery. Alternative's Crypto Fear and Greed Index sits at 21/100, which means "Extreme Fear."
This level is very low: in bearish 2022, Bitcoin sentiment dropped to the "10-20" zone only two times in January.