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Vijay Ayyar, vice president of corporate and international development at crypto exchange Lunawhich is an independent subsidiary of Digital Currency Group, recently spoke about Bitcoin’s “boring” price action and why it might not be a bad thing.
Data from TradingView shows that over the past two months, the price of Bitcoin has been hovering around the $20,000 level, which is significantly below the all-time high of just over $69,000 it hit. November 10, 2021.
According to a report per CNBC, “Last week, the cryptocurrency’s rolling 20-day volatility fell below that of the Nasdaq and the S&P 500 clues for the first time since 2020.”
Ayyar told CNBC:
“Bitcoin has basically been in the 18-25,000 range for 4 months now, indicating consolidation and a potential bottoming pattern, given that we also see the dollar index peaking… In cases previous ones like 2015, we saw BTC bottoming out when DXY peaked, so we could see a very similar pattern playing out here.”
And Nexo co-founder Antoni Trenchev told CNBC that this price stability was “a strong sign that the digital asset market has matured and is becoming less fragmented.”
Ayyar added:
“Having bitcoin stuck in such a range makes it boring, but that’s also when retail loses interest and smart money starts piling up.”
Image credit
Image selected via Pixabay
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