2020 has been a brutal year on all accounts, topped off by the most boring sideways action in Bitcoin yet.
In fact, this truly is the most stagnant range in the history of the first-ever cryptocurrency, according to a range-measuring technical indicator.
Bitcoin True Range Reaches Record-Setting Low
Bitcoin price is trading at roughly $9,200. It’s been trading within just a few percent from that price for the last few months.
Any attempts to push prices lower results in dip buyers stepping in and wicks left to the downside. All rallies to above $10,000 however are swatted down by bears back into the range.
Related Reading | Bitcoin Historical Volatility Approaching Zero Could Signal Blossoming Bull Trend
Nothing thus far has been able to break it, yet nearly every crypto analyst and trader is expecting an enormous move when the range does finally give.
An indicator measuring the True Range percentage of BTCUSD price action has now fallen to the lowest point in the asset’s just over decade long history.
Brave New Coin Bitcoin Liquid Index True Range % | Source: TradingView
Bitazu Capital founding partner Mohit Sorout shared the chart via Twitter highlighting the extreme reading on the indicator. Nearly every fall to this low of a measurement has resulted in a powerful movement afterward. And if Bitcoin price is at the lowest True Range in history, could we soon see the largest price movement ever?
Bollinger Bands Point To Sizable Move When Tight Range Finally Breaks
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