Glassnode suggests that bitcoin may soon become volatile

The volatility of the flagship digital asset has been getting lower and lower lately, with Bitcoin eventually starting to go sideways around $23,000. Experts from the analytical company Glassnode spoke about the latest research conducted.

They noted that in the near future we may again observe the instability of BTC if the net positions of the holders are reduced. They came to this conclusion as different financial instruments now show different expectations for the flagship digital asset. Some indicators suggest that Bitcoin may go up, while others indicate that Bitcoin is about to decline. Both of them involve a sharp movement and, apparently, the lateral movement may come to an end after a while.

According to the observations of experts from Glassnode, the net position of bitcoin holders was able to drop to a new local low of $30,500,000. What does this indicate? The fact that many people who entered the positions in the top 1 cryptocurrency in January continue to hold coins and are not going to sell it.

On January 27, a large batch of bitcoin options expired, which indicates possible surges in the market. Crypto platform participants may very soon open new options to buy or sell BTC, and the total value of such options can be millions of dollars. Today or tomorrow, according to Glassnode, we will be able to see more volatility and a cryptocurrency jump up or down.

The accumulation of fans to hold BTC is also indicated by the fact that many coins are starting to leave cryptocurrency exchanges. Holders are pulling their assets from exchanges in order to secure their crypto holdings, and this cannot mean anything other than their intention to hold BTC for as long as possible. This factor tips the scales in the direction of a positive attitude and a greater likelihood of coin growth.

There is another indicator that indicates the possibility of a decrease in the cost of bitcoin. The price movement indicator indicates a capital flight from BTC, which is contrary to the positive expectations of the main cryptocurrency. In addition, do not forget that he is reducing the stock of miners, which has been going on since January 12th.

Glassnode points out that various indicators in the bitcoin space point to different outcomes, which confuses analysts' forecasts quite a lot. Experts often differ in their opinions, however, such duality in the performance of indicators in the cryptocurrency market, as we can rarely observe today. However, what analysts from Glassnode are convinced of is that we should definitely see a sharp change in the price of BTC soon.

Bitcoin is currently trading at $23,000. Over the past 24 hours, the price has moved between $22,885 and $23,417. The volume of trades conducted between traders over the past 24 hours amounted to $21,643,000,000, and the capitalization of the main cryptocurrency exceeds $443,000,000,000. There are 19,275,012 BTC circulating in the network, which is 92% of all possible bitcoins.