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#BTC
Normally, as we all know, Bitcoin was a financial instrument famous for its wild price movements, but recently that has changed.
Currently the difference between the upper and lower Bollinger Bands is 2.9% and the price is hovering around $29,000. According to Glassnode analysts, a narrower gap has only been seen twice in BTC history.
According to Financial Research firm K33, 30- and 90-day volatility are at low levels not seen since 2016. For comparison, there were 47 consecutive trading days in October 2020 with no 5% movement, and even then volatility remained at 56.
In the short term, we can focus on Grayscale's effort to create a Bitcoin ETF as the trigger that could pull Bitcoin out of this inactivity. SEC's decisions are expected to affect prices in the short term. A positive result in favor of Grayscale could trigger short-term gains in Bitcoin and vice versa for negative results.
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