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Bitcoin Mini-Rallies Go Nowhere as Even Bulls See Lost Year

  • Recent gains obscure rangebound trend; Fed hikes damp outlook
  • Coin has no real catalyst to push it higher: Valkyrie’s Wald

With Bitcoin, it all depends on the lens. Zoom in, and the world’s biggest cryptocurrency seems to be enjoying a robust little rally, gaining more than 10% since last Monday for one of its best such stretches of the year: 

Zoom out, though, and it’s a different picture. Even with its recent gains, Bitcoin is still well within the narrow province it has inhabited for most of the year. The coin has wobbled inside a 10% range of a key trend line -- its average price over the past 50 days -- for 49 straight sessions, the longest stretch since July 2020, according to data compiled by Bloomberg.  On Thursday, Bitcoin was trading at about $43,000 as of 10 a.m. in New York for a gain of about 1.5%.