• Bitcoin’s price increased by more than 2% in the last seven days
• Open interest also rose, increasing the chances of a continued uptrend 

Bitcoin’s [BTC] price, after crossing $28,000, once again sank below that mark. At press time, it was trading marginally lower than $28,000. However, the latest data pointed out the possibility of BTC’s price showing high volatility in the coming days. 

Bitcoin’s weekly chart is green

CoinMarketCap’s data revealed that after several weeks of sideways movement, BTC’s weekly chart registered gains. The coin’s price had increased by more than 2% in the last seven days.

At the time of writing, it was trading at $27,994.06 with a market capitalization of over $542 billion. In addition to that, Glassnode recently posted a tweet that suggested BTC’s price volatility could increase further in the coming days. 

With prices tight, and the volatility spring coiled, the #Bitcoin market looks increasingly ready to move out of the current equilibrium. As Long-Term Holder spending ticks marginally higher, we present a series of on-chain tools to help navigate the volatile road ahead.… pic.twitter.com/GsHqUZFfiO

— glassnode (@glassnode) May 29, 2023

As per the tweet, the BTC market looked increasingly ready to move out of its current equilibrium. BTC’s balance on all exchanges was negative, suggesting that investors were buying BTC.

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Author: Dipayan Mitra

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