• Bitcoin’s 7-day price range is at its lowest in 3 years.
• Historical patterns suggest that this could lead to a major price movement.
• Examples of similar periods in the past include July 2020, January 2023 and late 2021/early 2022.
Bitcoin Price Range Stagnation
Bitcoin has been stuck in a tight range for the past several days, with its 7-day price range now at one of its lowest points in three years – 3.4%.
Historical Implications
Similar historical developments suggest that this could be followed by a major price movement. Examples include July 2020 and January 2023 where significant price increases occurred following a similar period of stagnation.
Late 2021/Early 2022 Example
A third example took place over late 2021 and early 2022, which was followed by a significant retracement of the asset’s value.
Future Predictions
It remains unclear what kind of move this recent stagnation will lead to but it is likely that bitcoin will see some sort of large scale move soon as these periods don’t last forever.
Conclusion
Overall, bitcoin’s current 7-day price range has entered rarely-seen territory which could potentially indicate an upcoming large-scale shift in BTC’s value.