During the process that started with Russia’s invasion of Ukraine, global stock markets had a difficult time, while commodity prices continued to be volatile.
Despite this, it is known for extremely sharp price movements. bitcoin On the other hand, it continues to be traded in the narrowest price range of recent times.
Bitcoin Price Experiences Its Most Congested Period Since October 2020
world’s largest cryptocurrency It is within the 10% range of the 50-day average price, which is an important trend line for exactly 40 sessions.
According to data provided by Bloomberg, Bitcoin has never been in such a long-limited range since October 2020.
The stagnant process did not go unnoticed by market watchers.
According to the data, long-term investors immediately took action when the crypto currency fell and stabilized the price.
On the other hand, short-term investors aiming to make a profit prevent the price from rising by selling during the rallies. With this balance between the two sides, Bitcoin has not yet had the opportunity to pass the partial peaks it experienced in January.
Fiona Cincotta, senior financial market analyst at City Index, evaluated the BTC price, which is stuck between $38,000 and $45,000:
“There has been a jam like this since the beginning of the year. In fact, we are witnessing a war between two generations. This war is causing the BTC price to be stuck at these levels.”
*Not investment advice.