Bitcoin Price In Tight Range; Quiet Period Is Nothing New

Bitcoin (BTC) has traded within a tight 3% range for the past seven days, never rising higher than $6,680 and never falling lower than $6,455. The previous month’s numbers tell a similar tale, with BTC trading within an 8% range since September 6th.

Volatility makes for good headlines and draws a lot of eyes to the crypto sphere . This can be seen in Google trends, which show that ‘Bitcoin’ searches spike whenever BTC spikes, but also, to some extent, when it dips.

Google Searches Hit Yearly Low

This week saw Google searches for Bitcoin dip to a yearly low. Google’s trend charts show a fairly solid alignment with the price fluctuations of Bitcoin, and the previous month’s quiet period may have led outside observers to believe the perceived gravy-train was over.

That may be true for those who rely on Bitcoin’s volatility to make profit – although there’s still plenty of that to be found in the altcoin market. But a quick glance at the historical data shows that Bitcoin’s quiet period could easily last a while longer.

A History of Non-Volatility

As you can see from the chart below, after surging to a new high of $35 dollars back in 2011, it took a total of 81 weeks for BTC to reach a new high. The gaps between the spikes only became larger, with a 169 week gap between peaks in 2013 and 2016.

It’s incredible to think how many people cashed out during these historical quiet periods, and amusing to consider how many times bitcoin was declared dead. Only speculation can place a date on when the next high will come, but with just 40 weeks gone since the last high of around $20,000, we’re still some way under the average wait of 71 weeks.

BTC/USD Flux Hits Yearly Low

The volatility of Bitcoin recently hit a yearly low, with trade volumes also dipping under the $4 billion mark, more on which can be read here.

Today that trend continues, with BTC volumes dipping to $3.6 billion on Friday morning. For some comparison, XRP recently recorded trade volumes of just under $5 billion during its mega-run in mid-September.

The BTC price fluctuated by 0.31% moving from Thursday into Friday, remaining characteristically stable. Some long-termers will now look to the SEC’s ETF decision which is expected to hit at the end of the month, while many see the entry of institutional investors to Bitcoin as a distraction at best.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.