Bitcoin's elevated implied volatility index signals an imminent price breakout in either direction

"Data from Glassnode shows BTC upside implied volatility has fallen to about 23%, the lowest level in its data. This indicates traders are paying unusually little for contracts that would benefit from a sharp rally. Futures and options traders, however, are still showing little willingness to bet heavily on what comes next."

"Bitcoin's 30 day implied volatility index, known as BVIV, is flashing signals that a price breakout could be imminent, and CoinDesk reported on July 20 that the pattern historically accompanies sharp directional moves in either direction, per the latest Daybook analysis."