All of Bitcoin’s recent volatility has occurred within a relatively tight trading range between $9,000 and $10,000.
There have been a few occasions in which the cryptocurrency has broken above or below these range boundaries, but each time has been short-lived and followed by a swift movement back into the range.
This range was first formed in early-May. It isn’t showing any signs of breaking anytime soon. A result of this price action has been Bitcoin’s volatility hitting historic lows. Volatility levels this low are rare and are virtually always followed by massive movements.
At the moment, Bitcoin is trading down marginally at its current price of $9,270. The crypto has been hovering around the level for the past 24-hours.
Earlier this week, BTC faced a grim rejection at $9,500 that caused it to see a sharp selloff. While looking at the broader market, the past couple of weeks have been incredibly volatile and now Bitcoins one-year correlation to the Standard & Poor’s 500 index hit record highs as the leading cryptocurrency continues to trade in lockstep with traditional financial markets.
The DeFi sector’s explosive growth kicked off an uptrend throughout the entire market, with many altcoins posting massive gains over a short span of time.
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