Bitcoin Price Stagnates for 42 Days, Leaving Traders Speculating on Future Moves
Bitcoin’s price has lingered in a “boredom zone” for over a month, prompting traders to speculate about a potential surge or retracement. Bitcoin (BTC) is currently priced at $67,540, having spent 42 days in this low volatility phase. Crypto traders are divided on whether Bitcoin is consolidating for a significant surge or heading for a 20% pullback to crucial support levels.
“We have now spent 42 days in the low volatility and boredom zone,” pseudonymous crypto trader CryptoCon noted in a May 30 X post, highlighting the market’s lack of volatility as a key indicator of the prevailing “boredom.”
Currently trading at $67,540, Bitcoin’s price is only 6.7% higher than it was 42 days ago, according to CoinMarketCap data. Except for two instances where it broke its support at $58,253 and resistance at $71,443, Bitcoin has mostly traded within a narrow range during this period.