The Bitcoin price (BTC/USD) remains unable to find a clear direction, as it continues to follow the recent trend of low volatility.
The original cryptocurrency mostly traded in a tight range below $6,500 over the weekend, with its price experiencing frequent minor fluctuations on both Saturday and Sunday. The digital coin saw occasional spikes above the $6,500 barrier, like one on Saturday that lifted its price to a three-day high of $6,507.41, but it wasn’t able to secure a breakout.
The same trading pattern has been observed since the start of today’s trading. At the time of writing, the Bitcoin price was hovering around $6,470, according to data from digital currency tracker Coinmarketcap.
The uncharacteristically low volatility the Bitcoin price has seen over the past few weeks could mean that the digital currency is nearing a bottom. Bloomberg Intelligence analyst Mike McGlone last week said that it was “a sign of speculation leaving the market and eventually a bottoming process”. Other experts have echoed this sentiment.
“Given this bear market is now 10 months old and is getting tired, I’d be inclined to be bullish for the next major move,” Charlie Morris, multi-asset head at Atlantic House Fund Management told Bloomberg.
As noted by the newswire, this month, Bitcoin has had only one day with a move of 5% or more, compared with nine in January and February.
In today’s trading, the Bitcoin price stood at $6,466.25, as of 10:12 GMT. The digital coin has lost 0.1% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at just over $112 billion, which represents 53.7% of the combined value of all digital currencies.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.