Bitcoin’s price continues to remain stagnant in a tight range, but that could all change soon, according to one technical indicator.
The altcoins are also quite sluggish, with little-to-no actual movements from the larger caps. HBAR is the only exception.
Is BTC Finally Breaking Out?
The start of last week was a lot more volatile as the primary cryptocurrency dumped below $29,000 to register a weekly low before it exploded by $1,500 by Wednesday. As such, the asset managed to soar past $30,000 for the first time in about 10 days.
Yet, that trip was short-lived, and BTC returned quickly to $29,500. The US CPI numbers on Thursday didn’t change the landscape all that much. The next three days were quite uneventful as well, with BTC remaining in a tight range between $29,100 and $29,500.
One of Glassnode’s lead on-chain analysts said on Twitter that this lack of actual price movements could be about to change soon. This is because the “spread between the Upper and Lower Bollinger Bands” stands at just 2.9%, and the previous examples in which the indicator was at such low levels led to a lot more volatility shortly after.
The spread between the Upper and Lower Bollinger Bands for #Bitcoin is just 2.9% and is as tight as it has ever been.
Only two instances have ever seen a smaller trading range / lower volatility:
– Sept 2016
– Jan 2023Wild stuff.https://t.co/GDiUmuBUhW pic.twitter.com/57zgnzqRZa
— _Checkɱate 🔑⚡🌋☢️🛢️ (@_Checkmatey_) August 14, 2023
HBAR Goes Green
Although more volatile by nature, the alternative coins have failed to produce any major price movements lately. The past 24 hours are no exception for most, as ETH, BNB, XRP, DOGE, ADA, SOL, TRX, MATIC, DOT, SHIB, LTC, and TONCOIN have either charted insignificant gains or have retraced slightly.
HBAR is the only notable gainer from the top 50 alts. The asset has soared by more than 16% and sits well above $0.06.
Frax Share, Pepe, Render, and Apecoin have also jumped in the past 24 hours, with gains of up to 6%.
Nevertheless, the total crypto market cap has remained still at around $1.170 trillion on CMC.
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Cryptocurrency charts by TradingView.
