Bitcoin is witnessing the longest stretch of range-bound price activity in three months.
Bitcoin’s weekly gains were wiped out at the weekend by a key moving average that previously offered support.
Bitcoin’s eight-day stretch of consolidation looks to have weakened the prospects of a drop back to December lows near $3,100.
Bitcoin’s daily price volatility has plummeted in the last 12 months as the bear market killed off the speculative frenzy.
Bitcoin has reported losses in January for the last four years, and a fifth now looks on the cards.
Bitcoin futures are trading below the cryptocurrency’s spot price, signaling market participants have a bearish outlook on bitcoin over the coming months.
If bitcoin breaks above a key moving average, it could be considered a sign a bearish-to-bullish trend change has begun.
After breaching key support on Sunday, emboldened bears could soon push bitcoin prices back towards $3,100.
Bitcoin’s price saw its biggest drop for seven weeks on Thursday, weakening the prospects of a bullish breakout above $4,100.
Bitcoin is losing altitude as an unwinding of bullish bets is creating downward pressure on prices.