Analysis: Bitcoin volatility, computing power and institutional response indicate that Bitcoin has long been in the ascending channel

According to Cointelegraph, the volatility of Bitcoin has fallen sharply in the past month, which has formed a very clear technical form, with a support of $9000 and a resistance of $11,000. Normally, when volatility falls to a low level, the price may break out. In addition, the bit hash rate has continued to hit a record high. Given Bitcoin's network health and increased interest in institutional participation, whether through Bakkt, CME or over-the-counter market activity, Bitcoin has long been in the ascending channel. However, short-term traders still need to be cautious. Of course, Bitcoin also has issues such as scalability and privacy.