Similar circumstances were reported in October of last year, when Bitcoin had a block production delay of about 85 minutes., which makes up approximately half of the $1.2 trillion cryptocurrency market, was changed little at $29,748. Since reaching a high for the year of $31,818 on July 13, it has fluctuated between $30,000 and $31,000.
As alternative cryptocurrencies resumed the surge that started last week after a court decision that was considered positive for the digital asset market, altcoins like Stellar and Maker are on the rise. The on-chain analytics firm hints at ongoing consolidation for Bitcoin, saying that the 14-day Bitcoin Price Range remains extremely tight, residing at a current value of 6.38%.
On July 19, it was noted that with only 5.63% of trading hours recording a tighter 14-day trading range, the probability of a volatile move in either direction is enhanced.This is because futures demand is currently moving the market. Notably, thisWoo also noted that volatility dynamics might be signaling that a larger move is probable.
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