Generally in markets, volatility breeds volatility.

In bitcoin lately though, there's a period of huge moves followed by periods of relative dormancy. For this entire week, the range has been $19,586 to $21,696.

For a normal asset, that 9.7% range is wide but it's miniscule compared to the recent norm in BTC. It's a tough one to understand and what makes it especially confounding is that something similar happened in April and May.

bitcoin sideways

I suspect there's some kind of natural stabilization mechanism in play here, or it's a strange coincidence.

In any case, I think the trade here now is to wait for a clear break of the range and go with it. That's a bit tough to do on the downside because of that quick spike low on the 3AC liquidation.