Bitcoin (BTC) is painting a classic August picture as it starts the new week — volatility is nowhere to be seen.
In a continuation of some of the quietest BTC price action ever seen, the largest cryptocurrency remains locked in a narrow trading range below $30,000.
Whether it be long or short timeframes, Bitcoin is giving market observers cause for increasing frustration. Despite a tug-of-war between bulls and bears on exchanges, neither party seems able to set a new BTC price trend in motion.
Will the status quo remain this week?
With few macroeconomic triggers in store, catalysts for change will need to come from elsewhere. Whales are accumulating, data suggests, fueling an argument that Bitcoin is preparing its next major breakout phase in classic style.
A similar conclusion comes from some of the narrowest volatility recorded for Bitcoin courtesy of the Bollinger Bands metric, with current conditions rivalling September 2016 and January 2023.
By definition, it may simply be a matter of time before history repeats itself.
Bitcoin copycat move begins new rangebound week
The weekly close saw a modicum of volatility return to Bitcoin spot price performance, but just like last week, this was short lived.
Following the new weekly candle open, BTC/USD dipped to test $29,000 before returning to its previous position — one that still holds at the time of writing, data from Cointelegraph Markets Pro and TradingView shows.
BTC/USD 1-hour chart. Source: TradingView
Michaël van de Poppe, founder and CEO of trading firm Eight, noted the similarities while repeating his view that $29,700 is the level for bulls to reclaim.
Over the weekend, Van de Poppe described the lack of volatility overall as “extremely astonishing.”
“The classic dump on Sunday evening took place on Bitcoin,” he told X subscribers alongside a chart showing relevant areas of interest.
“Holding onto support, all good. Continue the range. Party starts above $29,700.”BTC/USD annotated chart. Source: Michaël van de Poppe/X
Popular trader Daan Crypto Trades held a similar opinion on short-term movements, noting that even weekend conditions were…