Bitcoin is stuck in another trading lull. Will it take another three months to shake cryptos back into action? Traders bet volatility will come sooner.
Bitcoin and other cryptocurrencies were little changed Tuesday as digital assets looked to be settling into another trading lull. While the last such boring stretch lasted three months, traders are betting they’ll see volatility sooner than that.
“The narrow range has also become a hallmark of Bitcoin, which has been walking on a short leash of around $26,000 for the past eleven days. Such a lull usually ends with a boom in volatility, which is what we should expect this week,” said Alex Kuptsikevich, an analyst at broker FxPro. Kuptsikevich and others are betting that the current period of stability won’t last, especially with influential macro catalysts in the coming days, including the U.S. jobs report due Friday. The jobs report will be influential in shaping the Federal Reserve’s next move on monetary policy, with the outlook for interest rates remaining an important force for risk-sensitive assets like stocks and cryptos.
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