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Tug-of-War Between Newbies, Crypto 1% Keeps Bitcoin Range-Bound

  • Bitcoin’s been glued to $32,000-$47,000 trading range recently
  • Uncertainty swirls over Bitcoin’s ability to serve as a hedge
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Like the little Coinbase QR code that bounced around within the outlines of your TV during the Super Bowl, Bitcoin’s been stuck in a stubborn trading range for months. Some market-watchers have a theory as to what might be going on. 

Consider this explanation: long-term investors are wading in whenever prices fall, according to Brett Munster at Blockforce Capital. “This group of market participants have been repeatedly willing to step in and accumulate coins at these lower prices, thus setting a floor for Bitcoin over the past couple months,” he wrote.