Bitcoin’s volatility has been diving as of late, with the benchmark cryptocurrency seeing multiple prolonged bouts of sideways trading.
Last week, BTC did see some turbulence that caused its price to rally from lows of $10,400 up to highs of $11,700. This move occurred over multiple days and has since resulted in it seeing yet another phase of consolidation.
Its lack of momentum is not providing investors with any significant insights into its near-term trend, and the resistance that sits just above where it is currently trading at is quite intense.
One result of the recent series of consolidation phases seen by BTC has been its 60-day volatility diving to historic lows.
Typically, this takes place right before the digital asset makes a massive trend defining movement, which could indicate that its near-term price action will have serious implications for where it trends in the days and weeks ahead.
Bitcoin Struggles to Gain Momentum as $11,600 Resistance Holds Strong