1.13 Fire and Ice 1. The current crypto and precious metals markets are a classic case of fire and ice. Looking at the ATR volatility indicator, BTC's volatility has dropped to an average daily fluctuation of 2%. This level of volatility is at the bull-bear dividing line, as the transition from a bull market to a bear market is always accompanied by reduced capital activity and lower volatility. 2. On the other hand, the precious metals market, especially silver, has seen a significant increase in volatility. Volatility has now risen to 5%, with capital activity extremely high.