Bitcoin (BTC) set another dubious record on July 15 as realized volatility sank to its lowest in three years.<\/p>\n
According to data from on-chain analytics resource Skew, 30-day realized volatility recorded its smallest reading since 2017 this week.<\/p>\n
Realized volatility refers to volatility as defined by various timespans. Low volatility tends to concern traders and analysts, particularly over extended periods, as a kickback is all too often triggered afterward.<\/p>\n
Earlier this month, 10-day realized volatility hit 20%, its lowest since the period immediately before BTC\/USD crashed to $3,100 in December 2018.<\/p>\n
As Cointelegraph reported earlier this month, trading volumes were also down at the time, fuelling expectations that volatility would soon return to the market.<\/p>\n
Since then, Bitcoins anticipated big move has yet to appear, with a trading corridor between $9,000 and $9,500 remaining in place.<\/p>\n<\/p>\n
BTC\/USD realized volatility comparison. Source: Skew\/ Twitter<\/p>\n
For Cointelegraph Markets analyst filbfilb, however, there was plenty of potential for a major correction towards $8,000. Specifically, he told subscribers of his Telegram trading channel on Tuesday, the 20-week moving average (MA) at $8,200 provided a realistic support level. Alternatively, BTC should reclaim its 50-day moving average, currently close to $9,400.<\/p>\n
Overall my position remains very cautious, he summarized.<\/p>\n
Until then its just sideways chop until proven otherwise so I'm happy to sit that out and wait for confirmation.<\/p>\n
In the meantime, Bitcoin is providing little inspiration, with even Tesla stock beating it on volatility.<\/p>\n
#Bitcoin realized volatility on a three years low, Tesla is eating bitcoin's lunch! Skew commented.<\/p>\n
Tesla has surprised by posting multiple new highs despite multiple calls for a massive correction continuing for several months. Since its recent bottom on March 18, $TSLA has gained over 300% to trade at $1,516 at press time.<\/p>\n
Even at $1,200, Teslas market cap was over 30% larger than Bitcoins.<\/p>\n<\/p>\n
Tesla stock price eight-month chart. Source: TradingView<\/p>\n
Tesla CEO Elon Musk continues to be known as a possible cryptocurrency supporter, with mysterious tweets on topics from Bitcoin holdings to Dogecoin (DOGE) causing considerable interest among users.<\/p>\n
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