Bitcoin

Bitcoin’s price, currently around $29,789, appears trapped in a narrow trading range, with futures markets stagnating near all-time lows. 
Despite hitting an intraday high of $29,735, an increase of almost 2%, Bitcoin continues to trade within a slim bracket of $28,670 – $31,000. 
This confined movement is noteworthy for the premier cryptocurrency, which has been experiencing an exceptionally <a href="https://crypto.ro/en/news/dormant-bitcoin-stocks-highlight-a-strong-investment-preference-for-holding/" rel="noopener noreferrer nofollow">calm period</a>. 
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Bitcoin’s price and its marked decrease in volatility can be tracked through data provided by <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow" target="_blank">CoinMarketCap</a> and Glassnode. 
Bitcoin’s current price trend mirrors its sideways trading witnessed during the 2016 and 2019 cycles. However, the realized volatility this year has plummeted to multi-year lows. To put things into perspective, Bitcoin’s 1-year realized volatility hasn’t been this low since December 2016, as indicated by Glassnode’s data. 
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This subdued volatility goes hand in hand with a drop in BTC futures and options trading volume. It’s not just Bitcoin facing this situation; Ethereum’s (ETH) derivatives market has dipped below January 2023 levels this August, with the current price ticking down to $1,861. 
As of now, Bitcoin’s aggregate derivatives trade volume is just $19 billion, approaching its January 2023 trough. 
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Technically analyzing Bitcoin’s market price, it remains sustained above several pivotal long-term moving averages, which is reminiscent of previous Bitcoin cycles, as shown by Glassnode. 
However, this state of low volatility and constrained price range might not persist for long. 
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With the future of Bitcoin’s price being uncertain, investors and enthusiasts are closely monitoring its moves, ready to respond to the slightest hint of change.

Bitcoin’s price trapped in a narrow range amid record-low volatility

crypto.ro global

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