The bull market is returning, reveals an on-chain report analyzing the movements of bitcoin whales.
Bitcoin
BTC
is experiencing a classic August trend as the new week begins: no volatility in sight.
In what is a continuation of some of the calmest BTC price action ever seen, the largest cryptocurrency remains locked in a tight trading range below $30,000.
Whether long or short, bitcoin is giving market watchers cause for growing frustration. Despite the tug-of-war between bulls and bears on exchanges, neither side seems capable of kick-starting a new BTC price trend.
Will the status quo remain this week?
With few macroeconomic triggers in sight, the catalysts for change will have to come from elsewhere. The data suggests that whales are accumulating, fueling the argument that bitcoin is preparing its next big classic-style bull phase.
Bitcoin shows new volatility and BTC price hits 4-day highs near $29,600
A similar conclusion emerges from some of the tightest volatilities recorded for bitcoin courtesy of the Bollinger Bands metric; Current conditions rival September 2016 and January 2023.
By definition, it may simply be a matter of time before history repeats itself.
Bitcoin imitation movement kicks off new range-bound week
The weekly close saw a modicum of volatility return to bitcoin spot price performance, but like last week, this was short-lived.
Following the opening of the new weekly candle, the BTC/USD pair sank to test $29,000 before returning to its previous position, one that still holds at the time of writing, data from Cointelegraph shows. Markets Pro and TradingView.