For the past few months, bitcoin's price has bounced stubbornly around $20,000 in a sign that volatility in the market has settled.
"Bitcoin has essentially been range bound between 18-25K for 4 months now, which indicates consolidation and a potential bottoming out pattern, given we are seeing the Dollar index top out as well," Vijay Ayyar, head of international at crypto exchange Luno, told CNBC in emailed comments."
Antoni Trenchev, co-founder of crypto lender Nexo, said bitcoin's price stability was"a strong sign that the digital assets market has matured and is becoming less fragmented."this year, losing $2 trillion in value since the height of the 2021 rally. Bitcoin, the world's biggest digital coin, is off around 70% from its November peak.
"Bitcoin being stuck in such a range does make it boring, but this is also when retail loses interest and smart money starts to accumulate," Ayyar said.
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