Bitcoin experienced a turbulent June. One measure of volatility rose to its highest level since April 2020, while prices plummeted to their lowest levels in five months.
According to Blockforce Capital, the annualized volatility of cryptocurrency over 30 days rose to 117.04% on June 9.
At this point, digital asset’s 30 day volatility reached its highest level since April 10, 2020, which was approximately 14 months ago.
Additional Blockforce Capital data shows that a separate measure of price fluctuation, annualized 60 day volatility, was 106.39% as of June 25, which is the highest since May 11, 2020.
This resulted in an alternate measure of volatility reaching a 13-month peak.
[Ed Note: Investing cryptocoins and tokens is highly risky as the market is not regulated. It is possible to lose all of your investment.
This notable volatility occurred during a month when bitcoin prices dropped to $29,031.31 per month on June 22, coinDesk figures.
Additional CoinDesk data shows that the cryptocurrency was at its lowest point since January 22nd, 2018.
The digital asset fell to a low of approximately five months, but quickly rebounded and reached $34,790.33 by June 23.
The cryptocurrency declined to $29,000 on June 22 and then fell to $31,179.05 on June 23. It also dropped to $30,190.73 intra-day on June 8 and 21.
This was a series of repeated attempts and subsequent failures that helped to illustrate the power of support at this level.
Recent price movements in digital currency fit within a larger pattern. Since May, bitcoin has traded mostly between $30,000 to $42,000.
Bitcoin was more than half off its April record high of $65,000 when it was tested at the lower end.
It has been questioned whether the cryptocurrency has entered a bear market by its sharp decline.
This issue is still unresolved as no one knows what constitutes a bitcoin bear market.