Bitcoin Looking for a Big Move It's difficult to believe we'r | Bitcoin Bravado

Bitcoin Looking for a Big Move

It's difficult to believe we're on the cusp of July when it seems like only yesterday we were clinking glasses toward the new year.

Time flies when you're...dealing with a global pandemic.

In that time, Bitcoin has held surprisingly steady. Anyone who knows Bitcoin well would probably tell you the same.

Here, in these most volatile of days, our money, this decentralized network between us, hasn't let us down, even if it hasn't landed on the moon.

In a way, this is the moon.

Before, a bit of FUD from little-known South Korean regulators was enough to tank Bitcoin prices. And yet now, here we are, months deep into the most epic event in several generations and the only true global catastrophe probably ever, and BTC is holding the line.

Damn, that makes us proud.

BTC is range-bound, but for how much longer?

We're going to state the obvious here — Bitcoin, along with the rest of the crypto market, is strongly correlated with traditional assets markets, most notably the Dow Jones, S&P 500, and Nasdaq.

Why? Who knows, but it also does not matter. Comparing macro charts of the Dow and Bitcoin throughout the pandemic presents a mirror image.

The Bitcoin decoupling we were becoming accustomed to throughout 2019 is certainly gone for the moment. So, there is every reason to keep one eye on traditional markets and the other on cryptocurrency markets for a holistic view.

Today, Bitcoin is inching toward the $9,200 mark as it adds value that disappeared during a slow leak in the second half of June.

There are encouraging signs for BTC, such as the amount of Bitcoin standing stock-still in wallets.

Unlike at any other time since mid-2017, investors are leaving Bitcoin in wallets in record amounts — all without touching it or sending large sums to exchanges.

This suggests investor confidence toward BTC value as a HODL mentality gains significant ground.

BTC volatility at historic lows

However, any time Bitcoin volatility gets this low, it usually means something huge is on the way.

BTC volatility is currently at historic lows as traders wait for a sign regarding where the next move is heading.

If Bitcoin and the S&P 500 stay closely correlated, and the S&P 500 continues reacting to COVID-19 data and increasingly dire global economic news from organizations like the IMF, then we may be looking at a downward trajectory.

During the past 10 days, several dips below the $9K mark have been bought with what started as ferocity and has ended, as recently as this weekend, as a low volume sputter.

Suffice to say, the window for placing your bets is quickly narrowing.