Bitcoin is trading inside a tight range with its 10-day realized volatility dropping to a year-to-date low of 30 percent.
Bitcoin has been trading sideways in a tight price range since the beginning of May 2020.
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The Bitcoin price is fluctuating inside a trading range of $9,000 and $10,000 now for more than a month, data on TradingView.com shows.
“Extreme volatility compression is still active on Bitcoin, which means that the recent pump has to be treated with extreme suspicion,” said one analyst.
“The price can explode to the downside at any moment until Bitcoin has surpassed $9,800+ again.”
As shown in the chart above, Bitcoin is trading inside a symmetrical triangle, its price fluctuating within the pattern’s contracting upper and lower trendlines.
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