Bitcoin price (BTC/USD) little-changed on quiet Friday morning

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 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.