Joo Ki-young “Bitcoin (BTC), which is in the ‘price discovery’ stage, increases volatility… Both support and resistance levels are unstable.”

Photo = Kiyoung Ki-young, CEO of CryptoQuant X Capture

Bitcoin (BTC), which is rallying by breaking new highs, has been analyzed to be experiencing increasing volatility.

On the 12th, Ki-young Ki, CEO of CryptoQuant, said through “There may be a relative lack of agreement on support and resistance levels among participants,” he said.

He analyzed, “Currently, there is almost no trading volume (accumulated in the order book) above $72,000. (The price) can easily rise and fall easily.”

He continued, “Historically, Bitcoin entered the price discovery phase in the ranges of $20,000 to $22,000, $24,000 to $26,000, and $41,000 to $43,000, and rapid price increases occurred.” He added.

Meanwhile, price discovery refers to the act of determining a common price for one asset. There are observations that Bitcoin has entered a new price discovery phase as it breaks new highs.