Bitcoin’s Price Stagnant, but Breakout Expected Soon
The price of Bitcoin has been stagnant in a tight range, but this may change soon. According to one technical indicator, the spread between the Upper and Lower Bollinger Bands is at just 2.9%, which is historically low and has led to increased volatility in the past.
- Bitcoin’s price has remained in a tight range between $29,100 and $29,500.
- The lack of price movement could be about to change, as the spread between the Upper and Lower Bollinger Bands is at a historically low level.
- Previous instances of such low levels of the indicator have resulted in increased volatility shortly after.
HBAR Shows Gains, Altcoins Remain Sluggish
While Bitcoin’s price has been stagnant, the altcoins have also seen little movement. However, HBAR has been an exception, showing significant gains.
- Most altcoins, including ETH, BNB, and XRP, have seen insignificant gains or slight retracements in the past 24 hours.
- HBAR has soared by more than 16% and is the only notable gainer among the top 50 altcoins.
- Other coins, such as Frax Share, Pepe, Render, and Apecoin, have also experienced jumps in price.
Despite these individual gains, the total crypto market cap has remained steady at around $1.170 trillion.
Hot Take: Bitcoin’s Stagnation Could Be a Calm Before the Storm
While Bitcoin’s price has remained stagnant, the lack of price movement could be a sign of an impending breakout. The historically low levels of the spread between the Upper and Lower Bollinger Bands indicate that increased volatility may be on the horizon. As for altcoins, HBAR has been the standout performer, showing significant gains while the rest of the market remains sluggish. Overall, the crypto market continues to hold steady, but all eyes are on Bitcoin to see if it will break out of its tight range.
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