Cryptocurrencies
Bitcoin Stuck in Tightest Trading Range Since 2020 as Markets Gyrate
- Token is within 10% of its average price over the past 50 days
- The largest cryptocurrency is down over 40% from record high
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Global stock markets have whipsawed investors in recent weeks amid the war in Ukraine and spiraling commodities prices. Yet Bitcoin, which typically is no stranger to wild moves, has been locked in its narrowest trading range in more than a year.
The world’s largest cryptocurrency has been trading within 10% of a key trendline -- its average price over the past 50 days -- for 40 straight sessions. That’s the longest stretch of range trading since October 2020, according to data compiled by Bloomberg.