Bitcoin has been stuck in a range between approximately $101K and $111K for 40 days, raising the question of whether this is a negative or positive development. The current macroeconomic environment, particularly expectations surrounding real interest rates, has resulted in a stable range-trading scenario. Long-term stability can enhance Bitcoin's narrative as a store of value, with less correlation to other risk assets. However, traders express concern over low volatility, which diminishes trading opportunities. The stagnant market has also affected other digital assets, with the CoinDesk 20 Index trailing Bitcoin. Historically, similar range-holding streaks occurred in 2018, 2020, and 2023, and with Bitcoin's evolving trading structure, it wouldn't be surprising if the current streak extends further. Overall, while a prolonged range may signal a lack of excitement, it could support Bitcoin's stability in the long run.

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