Bitcoin, Ether Expect Higher Volatility

Cryptocurrencies were generally lower on Wednesday as bitcoin traded in a tight range around $56,000. Technical indicators suggest limited downtrend around the $53,000 support level, which could keep buyers active toward $60,000 resistance.

Trading volume is expected to retreat over the next few days, particularly on the U.S. Thanksgiving holiday Thursday. Still, some analysts expect volatility to increase in the bitcoin and ether options market as November comes to a close.

Rising volatility could cause sharp price moves over the next few days, which could discourage buyers from holding onto positions for an extended period.

In observance of the U.S. Thanksgiving holiday, market wrap will return on Monday, November 29.