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BTC Price Meets CPI as Volatility ‘Collapses’ — 11 Things to Know in Bitcoin This Week
Bitcoin, the world’s leading cryptocurrency, has been defying its reputation for volatility recently, leaving traders and investors wondering if the current tranquility is a prelude to a storm or a sign of a new trend. As the second week of August unfolds, the BTC price remains firmly rangebound, hovering around the $29,000 mark. In this article, we delve into the factors contributing to Bitcoin’s subdued price action and explore the potential catalysts that could inject fresh momentum into the market.
Bitcoin’s Uneventful Week in Review
Last week witnessed one of the least volatile periods in Bitcoin’s recent history. The BTC/USD trading pair closed the week with minimal fluctuations, mirroring the overall sense of calmness that has befallen the cryptocurrency market. Despite occasional minor price swings, Bitcoin has seemingly settled into a tight trading range, prompting traders to ponder whether this phase of tranquility is an anomaly or the new normal.
Stuck at $29,000: Breaking the Deadlock
Bitcoin’s price has been magnetically drawn to the $29,000 level, resembling a ship caught in still waters. The market’s inability to break free from this price point raises…
