The cryptocurrency market has been on a recent exhilarating and tumultuous trip of fear and turbulence, steered by wildly unpredictable and dynamic worldwide macroeconomic circumstances. Despite this turmoil, Bitcoin has started to stabilize, reclaiming $83,000 and more on the daily timeframe. This relative stability comes on the heels of extreme volatility. These events, including the collapse of the Terra Luna ecosystem in May 2022 and the FTX exchange in late 2022, are often precursors to major market turbulence.

Bitcoin's Intraweek Range

This metric is simply the percentage difference between Bitcoin’s high price and low price during one week. After the collapse of the Terra Luna ecosystem in May 2022, this metric rocketed to a record-breaking 49%. The sharp market reaction to the de-pegging of the stablecoin led to significant price fluctuations market wide. The impact on its whole ecosystem was palpable.

BTC Intraweek Range​ ​metric exploded up to 31%. This surge came in the wake of both the FTX exchange collapse, led by Sam Bankman-Fried, in late 2022 and the bank run on SVB in early 2023. While still elevated compared to historical averages, this drop is a promising sign that price volatility is slowly starting to decline. The market is just beginning to digest the effect of all these occurrences.

As it stands now, the price of BTC is at about $83,700, making up a 5% rise over the last day. This latest price movement is a sign of further stabilization and a return of investor confidence in Bitcoin.

Opeyemi Sule's Insights

Opeyemi Sule is a staff writer at Bitcoinist and a die-hard crypto lover. He even impresses upon us the complexities of blockchain technology with interesting personal anecdotes. Sule is a seasoned goal-driven content writer who really goes beneath the superficial features of the cryptocurrency market. He’s a regular contributor and commentator on emerging trends and developments.

Outside of his professional interests, Opeyemi Sule loves reading poetry, discussing politics, and listening to music. These varied passions and pursuits have surely helped shape Keegan’s unique skill to understand, break down and communicate the ever-complex world of crypto assets.

Opeyemi Sule's work at Bitcoinist offers valuable perspectives on the factors driving market volatility and the potential for future growth in the cryptocurrency space. His ability to break down complex topics into accessible language makes him a trusted voice for both novice and experienced investors alike.

Market Outlook

Bitcoin’s price has gained momentum lately, moving up and staying above $83,000. This, together with a recent decline in our BTC Intraweek Range metric, is starting to point to a possible return-to-calm trend in the crypto-space. The future of the decade-old market is beyond the control of builders and investors—namely, rising interest rates. Macroeconomic conditions as well as regulatory developments have an outsize influence. Read more Investors need to stay on their toes and do ample diligence before investing.