News continues to mount, but bitcoin refuses to budge.
Another day, another record for bitcoin volatility. Or should I say, lack there of.
This is the most stable bitcoin has been than at any point in the last year and a half.
In fact, the lack of volatility is now near historically low levels.
Check out a chart of the last few weeks of trading:
(Source: https://www.ccn.com/bitcoin-doesnt-move-as-market-continues-stability-volume-rises-20/)
What comes next?
That is what everyone is wondering at this point, but there is no obvious answer.
The lack of movement indicates that the market is in balance at current prices. There is roughly the same amount of sellers as there are buyers.
Until that changes we continue to go sideways.
At some point this balance will break, whether it be due to time or the more likely scenario, a news development.
Once a big enough event triggers a break in the sideways action, bitcoin will likely move violently in one direction or the other.
I am hopeful that the next move is higher but only time will tell.
We are in a good time of the year seasonally and we have a couple really good catalysts coming up in the form of the Bakkt bitcoin futures launching as well as Fidelity and a couple others launching custody solutions.
Not to mention that October and November are the 2 best months out of the year for bitcoin seasonally. December is also a pretty good month traditionally.
We are likely getting very close to a breakout.
Stay informed my friends.
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