The Bitcoin price (BTC/USD) has edged lower on Friday, in what is seemingly shaping up to be another low-volatility session.
The original cryptocurrency had a rather uneventful session yesterday, with its price moving within a tight range above the $3,600 mark. The digital coin experienced some negative price action during the morning session, which resulted in it falling to an intraday low of $3,621.96. The coin was able to bounce back thanks to its solid performance in the latter part of the session. The coin rose to an intraday high of $3,680.14, before finishing the session at $3,678.56, up from its opening price of $3,651.87.
Bitcoin has continued to trade in a tight range since the start of today’s session. At the time of writing, the Bitcoin price was hovering around the $3,670 mark, according to data from digital currency tracker Coinmarketcap.
The low Bitcoin price volatility has been highlighted by analysts and industry experts in recent days. Yesterday, eToro analyst Mati Greenspan told Forbes that the coin had been building support in recent weeks.
“Over the last three weeks, we've seen a mini range emerge from $3,500 to just above $4,000 as bitcoin consolidates,” Greenspan said, but also added that “the wider range is $3,000 to $5,000”.
Meanwhile, Jon Pearlstone, who publishes the CryptoPatterns newsletter, said that since mid-November, “bitcoin has built a clearly defined bullish inverse head and shoulders pattern with a target in the $5000 range”.
“The most recent move back down to retest key support at $3500 was expected as part of this pattern, and the current consolidation continues to offer an edge for the bulls as long as support holds above $3500,” Pearlstone added. However, he also pointed to some worrying signs, such as BTC’s thin trading volume.
In today’s trading, the Bitcoin price stood at $3,669.14, as of 10:22 BST. The digital coin has gained 0.9% in the past 24 hours.