Bitcoin (BTC) price today shows no directional bias and continues to consolidate in a tight range. Investors can expect BTC to break to the downside if the immediate support level fails to hold. While most of this outlook for BTC can be attributed to the macroeconomic policies and geopolitical tension, a part of it could be due to HBO’s Bitcoin creator documentary release.
Investors should note that even many enthusiasts are disappointed with HBO documentary’s conclusion on who Satoshi Nakamoto was. Peter Todd, the man who is claimed to be Bitcoin’s creator, even mocked the journalist, saying it was “ludicrous.”
Todd said, “I will admit, you are pretty creative. You’ve come up with some crazy theories.” He further humors the journalist, stating, “Yes, I’m Satoshi, yeah, I’m Craig Wright.”
Peter Todd being told he is Satoshi in HBO Documentary (LEAKED)pic.twitter.com/99kerNeczG
— Altcoin Daily (@AltcoinDailyio) October 9, 2024
Regardless of who Satoshi Nakamoto is, let’s explore the 5 key effects of HBO’s Bitcoin Creator Documentary Release on Bitcoin price.
Key Effects on Bitcoin Price HBO’s Bitcoin Creator Documentary
HBO’s documentary on unveiling the mystery behind Satoshi Nakamoto, Bitcoin’s creator, has had a deep, but short-term impact on BTC and Bitcoin price prediction. Here are the five key effects:
BTC’s Rangebound movement
Since HBO’s initial announcement on October 5, Bitcoin price shot up 4.20% in roughly two days, indicating a short-term spike in volatility. These gains were quickly undone in the next 48 hours. Additionally, the past week has seen a tight consolidation for BTC.
Bitcoin Price Chart
BTC Volatility Crash
Since October 4, the 30-day BTC volatility dropped 72%, while the weekly volatility remained the same. Over the past two days, however, the 30-day and 7-day volatilities have slipped 8% and 16%, respectively. This drop coincides with most of the crypto market being disappointed with the HBO documentary’s conclusion that Peter Todd is Satoshi Nakamoto.
BTC 30-day and 7-day Volatility
Bitcoin’s Open Interest Remains Muted
The second effect is muted open interest. The past week has seen open interest hover around 33 billion. This development shows that market participants are laying low and are not interested in buying or selling BTC at the current price levels.
Although the HBO documentary on Bitcoin creator provided a short-term uptick in buying pressure, the correction thesis is likely to continue going forward. As explain in a previous CoinGape article, if BTC price breaches the $61.8K support level, it could trigger a 6% crash to $57.2K.
Bitcoin Open Interest
Whales Dump 200K BTC
Whales holding between 10K to 100K BTC has sold 200K BTC worth $12.4 billion since October 7. Typically, long-term holders tend to serve as support level while short-term holders tend to panic sell. As a result, this development of whales offloading 200K BTC is massively bearish.
BTC Supply Distribution
Here’s a deep dive on what to expect for Bitcoin price in the coming days. This article answers if you should expect a BTC correction or an uptrend.
The post 5 Key Effects on Bitcoin Price After HBO’s Bitcoin Creator Documentary Release appeared first on CoinGape.
