Bitcoin Trades Sideways at $91K-$102K Amid Global Unrest
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As BTC reacts to macro developments, crypto investors now view it as more of a risk-on asset than a store of value.
The past seven days have seen bitcoin (BTC) hover between $91,000 and $102,000. Analysts at crypto exchange Bitfinex revealed that the cryptocurrency’s stagnation in this range has extended its consolidation phase to more than 75 days.
According to the latest edition of the Bitfinex Alpha report, bitcoin’s prolonged range-bound movement reflects its maturity as an asset and its diminishing volatility, which has hit an all-time low. However, it also shows that BTC is now behaving more like a risk-on asset, in line with traditional equities, than a store of value, which it has often been referred to as.
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