Bitcoin Price Seesaws in Tight Range Awaiting Bullish Catalyst

Experts say bitcoin is extending the same old uneventful humdrum of recent weeks, trapped in a narrowing price range while awaiting the next bullish catalyst. Over the last 24-hours, bitcoin’s price slumped to as low as $32,000 before buyers drove prices to an Asia intraday high of around $33,319. It is currently changing hands for $32,900, CoinDesk data show.

On Thursday, bitcoin broke below initial support at $34,000 as regulatory concerns resurfaced with China’s central bank having issued a warning about stablecoin risk. Prices, though, are still well within a holding pattern that has kept them locked between tightening support and resistance levels.

CDD is Glassnode’s metric measuring economic activity that affords more weight to coins that have not been spent in a long time. The metric is calculated by taking the total number of coins in a given transaction and then multiplying that number by the total number of days developed since those coins were last spent. Indeed, the daily chart for bitcoin shows prices have been caught between $36,000 and $31,000 since at least June 21. Meantime, volume among most exchanges, including in regions where large transactions take place, has slumped.

“We have a long way to go to catch up with the Stock to Flow projections,” said Landsberg-Sadie, referring to a model that suggests bitcoin’s price should presently be sitting around $77,900.

Bitcoin Price Seesaws in Tight Range Awaiting Bullish Catalyst, CoinDesk, Jul 9