- Bitcoin has been relatively stagnant over the past weeks
- Traders and investors are seeing the stagnation of BTC as an opportunity
- Analysts are not even sure of the direction in which the coin would move next
Bitcoin News Today – The benchmark digital currency – Bitcoin (BTC) – has been relatively stagnant over the past couple of days. From a macro perspective, the digital currency has flatlined, and this is pretty easy to see if you have been following the market over the past couple of weeks. Nevertheless, the boring price action of the digital currency is a point worth repeating.
Recently, a digital currency trader and analyst shared a chart. The chart shows that the 3-day historical volatility index of Bitcoin has plunged to levels not seen since March/April last year. During that period, the digital currency traded in a tight range from December 2018 to March 31, 2019, before surging by 25 percent in one day on April 1.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Remains Stagnant but Traders and Analysts See It as an Opportunity
With Bitcoin remaining relatively stagnant, traders have been trying to create short and long positions to make a profit when the digital currency finally moves. However, a trader said that this might not be wise, adding that it may be best for traders to sit this price action out. The analyst said that sometimes, no position is the best position.
The direction in which Bitcoin would break from this consolidation is seemingly a toss-up. There are too many mixed signals about the digital currency at the moment, from indicator to indicator and analyst to analyst. Regarding the current action of the digital currency, a crypto trader tweeted:
“Nobody knows how this will end but remember, sometimes no position is the best position.”
He is not the only one saying this, as several other traders and analysts in the industry have been saying similar things. Another trader said that until the digital currency breaks out of the present range it is trading in, which is between $8,900 and $9,900, he is not going to trade Bitcoin. The reason is that the risk-return ratios of some trades are low while BTC ranges in “no man’s land.”
BTC Investors Are Increasing Their Bitcoin Holdings
Matt D’Souza – the CEO of Blockware Mining – said that accumulation should be the game Bitcoin investors are playing. Back in June, he said:
“I continue to receive DMs & ?s of “when is bitcoin going to take off.” No one knows a date nor should focus on that. Buying at $8500 vs $9300 has 0 relevance when the objective should be capturing a market cycle over the next 18-36 months that could print $20,000, $50,000, or $100,000+.”
He concluded by saying that the “real money” in BTC is made through sitting in positions while accumulating more coins.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.