The Bitcoin price has remained relatively stagnant in recent days, exhibiting what some have described as an “astonishing” and “historic” lack of volatility. BTC/USD traded sideways around the $29,500 level through the end of this week, reacting only modestly to new US macroeconomic data.
According to analyst Daan Crypto Trades, more “classic weekend chop” can be expected around the closing price of CME bitcoin futures at $29,465. However, some market participants believe brewing signals on BTC price charts could foreshadow bigger moves to come.
Michaël van de Poppe, CEO of trading firm Eight, called bitcoin’s flat price action lately “extremely astonishing.” But Poppe maintains a bullish perspective, saying, “I’m still favoring upwards momentum to come and I think we’ve bottomed.”
On-chain analyst Maartunn noticed long positions emerging from bitcoin whales on exchanges. However, CryptoQuant’s order book analysis suggests the $29,500 rangebound trading will persist near-term.
“Volatility might start percolating as we near the weekly Close/Open. Still feels like buy the dip, sell the rip conditions,” they noted.
Analyzing bitcoin’s decreasing volatility, traders widely agree an equally forceful return to trend is overdue. Popular analyst TechDev highlighted the “historic compression” forming, which has preceded powerful bullish expansions in the past.
Fellow trader Credible Crypto agreed, “A ticking time bomb till bear extinction.” Time will tell whether brewing signals translate into major upside price moves for Bitcoin.
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