Bitcoin’s Oct. 3 Concentration Reading Reached 12% Near $83,000
Two chart bars represented about 1.52 million BTC between $83,000 and $84,000. The reading was 12%, compared with 12.9% in a different price range on Aug. 1.
Bitcoin (BTC) showed doji candles on its daily chart as about 1.52 million BTC was represented by two prominent chart bars in the $83,000-$84,000 range on Oct. 3. The concentration reading was 12%, below the 12.9% recorded in a different price range on Aug. 1.
The Aug. 1 reading covered two bars between $62,000 and $63,000, which represented a combined total of about 1.68 million BTC. BTC then moved from $60,000 to $80,000 over 17 days after that concentration data appeared.
Murphy said the rising concentration reading does not determine the market’s direction, but the probability of increased volatility was rising. Murphy also said something significant could happen in the market within one to two months.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.