The Bitcoin price has not been spectacular in recent weeks. A look at the chart shows that the price is unchanged and there is little to think about. However, this boring price trend could well be a harbinger of a larger move, says analyst TechDev, among others.
Bitcoin price very calm again
Bitcoin investors’ patience has long been tested. In the past day and a half, very little has happened in terms of price development. This is of course not surprising as it is now the weekend. But the chart shows that this boring course has been going on for weeks.
Since late July, BTC has traded below $29,500, a price level it previously broke. So far the cops Approx. 4 attempts to reach this price level again, but so far in vain.
Accordingly According to analyst Trader Tardigrade, the key price level right now is $29,600. This is the next resistance Bitcoin can bounce off if it manages to reach it again.
On the upside, $29,000 is the level where BTC could potentially bounce. If it breaks below that, the next support zone is $28,000.
The current bitcoin price on Coinbase is $29,036. On the Dutch crypto exchange Bitvavo, the Bitcoin price in euros is 26,408.
Quiet Bitcoin Harbinger of More Action?
It is a statement that has happened before; Bitcoin’s current involatility could mean that a major move is imminent. TechDev is one of the analysts anticipating this.
To do this, he looks at the monthly chart of the American S&P500. He says it showed what low volatility can mean. After a period of low volatility, the S&P500 has recently gained enormously in value.
#SP500 has already shown what happens after a 6 month low volatility compression against the 20 month MA with the steady MACD convergence approaching a cross.#crypto lags behind and tries to follow him. pic.twitter.com/l0s0GqJFW5
— TechDev (@TechDev_52) August 5, 2023
According to TechDev’s comparison, the overall value of the crypto market is currently at a bottom. It can be seen that the MACD indicator is about to hit a bullish crossover make.
Will this set off fireworks just like the S&P500? It would be a welcome development for investors who have been patiently waiting!