Bitcoin has been finding an unusual amount of stability around $9,100. The crypto has been trading around this level throughout the past several days and weeks, struggling to gain any decisive momentum.<\/p>\n
The cryptocurrencys consolidation phase has been narrowing throughout the past few months, as it was previously trading between $9,000 and $10,000.<\/p>\n
Its current range is much smaller than this, existing between roughly $9,000 and $9,300.<\/p>\n
Each attempt to break above or below these boundaries has been fleeting.<\/p>\n
Analysts are now noting that the crypto will likely put a violent end to this trend in the near-term.<\/p>\n
This comes as Bitcoins True Range Percentage hits the lowest levels seen in its entire history.<\/p>\n
At the time of writing, Bitcoin is trading down marginally at its current price of $9,130. This is around the level at which it has been trading throughout the past few days.<\/p>\n
Buyers and sellers have both attempted to invalidate the tight trading range that has been formed between $9,000 and $9,300, but each movement above or below these boundaries has been fleeting.<\/p>\n
This has resulted in the benchmark cryptocurrency seeing one of its tightest True Ranges in its history.<\/p>\n
Mohit Sorout, a founding partner at Bitazu Capital, spoke about this occurrence in a recent tweet, referencing a chart showing the unprecedented nature of Bitcoins current consolidation phase.<\/p>\n
This month is turning out to be one with the lowest True Range in BTCs entire decade-long price history, he explained.<\/p>\n<\/p>\n
This sideways trading may be akin to a spring coiling up the longer it coils, the bigger the subsequent move will be.<\/p>\n
One analyst is now noting that he is expecting Bitcoins current trading range to resolve with the crypto making a massive movement.<\/p>\n
BTC: Historical lack of volatility continues. We dont get this tight w\/o a big move as a result. Enjoy the inevitable ride, he said while pointing to the chart seen below.<\/p>\n<\/p>\n
There is a strong likelihood that Bitcoins reaction to its macro trading ranges boundaries at $9,000 and $10,000 will ultimately be what provides traders and investors with guidance into which direction it will trend next.<\/p>\n
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