Consolidation is in the air as Bitcoin $22,451 begins a new week in some of the least volatile circumstances ever. Every trader is worried by Bitcoin’s recent lack of volatility, despite the fact that it lost 5% in one hour last week. Whether it will alter in the next days is the issue.
There are several possible triggers, ranging from macroeconomic data to exchange configurations and more, but it is unclear which will prevail and which way it will move the price of BTC. Fundamentals of the Bitcoin network continue as normal in the background, with miners keeping their newly found buoyancy and getting ready for new all-time highs in difficulty.
These key market-moving elements are examined by Cointelegraph, which also compiles perspectives on how they could affect this week’s BTC price movement.Although while everything is possible and often occurs in the world of Bitcoin, the weekend’s BTC price activity can only be described in one word: dull.
After experiencing sudden volatility on March 3 as a result of worries over Silvergate Bank and exchange margin calls, BTC/USD has been uncharacteristically calm. Statistics from TradingView and Cointelegraph Markets Pro support this claim, with spot price fluctuating within a barely noticeable range ever since.Bulls, however, were unable to make up much of the lost territory, and as a result, Bitcoin finished the week down around 5.1% on Bitstamp.
Michal van de Poppe, founder and CEO of trading company Eight and a Cointelegraph contributor, still has reason to hope that the market will soon halt the present short-term trend.
On March 6, he tweeted, “Boring price activity on Bitcoin after the dip, but still functioning in support here. “Indicators have already bounced and seem to be doing so. Losing $21.5K would be problematic. There might be another sweep of the lows before the market turns upward. In a subsequent piece, $23,000 was mentioned as a possible rebound goal should the bulls regain some power.
If I’m being honest, all I want to see today is some price movement, said well-known trader Crypto Tony. In order to be open and honest, I have kept my stop loss at $23,200 as of a few days ago. Prior to any decline, I would want to see a rise up to $22,800.
Daan Crypto Trades, a fellow trading account, observed that the tiny CME futures gap over the weekend had already been filled by BTC/USD.
Bitcoin has to surpass $22,000 or $22,650 in order to offer “clear guidance,” he said.