Bitcoin recent monotony between $29K-29.5K may be a lull before a storm, a recent report notes. Meanwhile, BTC continued its range-bound ways. PLUS: The supply of bitcoin active over a year ago drops. Is hodling waning? by JPRubin23, GWilliamsJr_CMT
Is bitcoin's current lull just a set-up for more dramatic movements to come?
“A deep crypto sleep tends to be followed by a violent wake-up,” K33 Senior Analyst Vetle Lunde wrote. “The market is clearly in an unprecedented stable stage, which has typically acted as a massive pressure valve for volatility once it finally reignites.” According to K33 Research, bitcoin's five-day volatility earlier this week had sunk below that of the S&P, gold and the Nasdaq 100. This only happened a few times in recent years, Lunde pointed out, and every occasion preceded periods of wild price swings.
An increased supply of an asset active in the past indicates that more investors have decided to “hodl” bitcoin as opposed to taking profits. A decrease in that amount indicates the opposite.
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