Bitcoin

James

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
</figure> 
Despite being known for its erratic price moves, Bitcoin, the world's largest cryptocurrency, is <a href="https://twitter.com/_Checkmatey_/status/1690901653514555392" rel="noopener noreferrer nofollow">now displaying</a> remarkable stability.&nbsp; 
Prominent cryptocurrency expert James Check, known on social media as @Checkmatey, recently highlighted that the spread between the Upper and Lower Bollinger Bands for Bitcoin stands at a mere 2.9%. 
<img alt="BTC" data-entity-type="file" data-entity-uuid="4a968fcc-5e90-4dfb-bf15-d6ab3cb265b0" src="https://u.today/sites/default/files/inline-images/F3dJxc6boAAtWtF_0.jpeg"> 
The leading Glassnode on-chain analyst has pointed to the fact that such a limited range in Bitcoin's Bollinger Bands has been witnessed only twice before: once in September 2016 and again in January 2023.&nbsp; 
For those new to the terminology, the Bollinger Bands are a technical analysis tool utilized to gauge price volatility. Tighter proximity between these bands, as is currently the case, suggests a period of low volatility. 
CoinGecko data backs the analyst's observation, showing Bitcoin trading within a remarkably confined 24-hour range of $29,143.57 to $29,445.38. Despite this narrow fluctuation, its market price lingers around $29,413, yielding a market capitalization of about $572.3 billion. &nbsp; 
<h2 id="bitcoin-s-anomalous-stability">Bitcoin's anomalous stability&nbsp;&nbsp;</h2> 
Historically speaking, such subdued volatility phases are an anomaly for Bitcoin. As noted by Check, the current market even has options pricing in an extraordinarily low volatility premium, underscoring the unique nature of this situation.&nbsp; 
As <a href="https://u.today/bitcoin-now-steadier-than-gold" rel="noopener noreferrer nofollow">reported by U.Today</a>, Bitcoin also experienced its lowest trading volume since November 2020 and a significant reduction in its volatility, even surpassing the stability of the S&amp;P 500, tech stocks, and gold. 
Despite potential positive developments like a possible Bitcoin ETF, large investors remain hesitant to re-enter the cryptocurrency market, but a significant announcement could trigger a substantial influx of activity.

Bitcoin's Shocking Stability: Is This the Calm Before the Storm?

Table of Contents

U_Today

Other articles published on Aug 14, 2023

Terra Case Echoes in SEC’s Ripple Appeal Request

Uniswap Fires Developer At The Heart Of FrensTech Rug Pull

BTC price breakout by end of August? 5 things to know in Bitcoin this week

Former U.S. President Donald Trump revealed to hold Ethereum

Cryptocurrency Analyst Miles Deutscher Shares His List of 14 Altcoins He’s Watching This Week

Digital Asset Funds Saw $29M in Net Inflows Last Week as Investors Bet on Bitcoin

Join our free newsletter for daily crypto updates!