Bitcoin (BTC) has continued to churn in the last couple of weeks, and has finally reached a more-or-less flatline at roughly $9200. Volatility and volume are now extremely low – and this is historically a harbinger of a large price movement. What’s more, Bitcoin has still not made an extremely important decision about which way the charts will go, riding under multi-year resistance.

On the daily chart, we see that volume has been most concentrated around $9200 since May. We also see that price has been repeatedly rejected under the thick downtrending resistance zone.

Riding the exact middleBTC chart by TradingView

On the weekly chart, we can see the larger implication of this moment, as any large price movement will execute either Option 1 or Option 2. Option 1 entails a breakout from multiyear resistance; obviously a big deal.

Big move coming, one way or anotherBTC chart by TradingView

The histogram here looks like it is building up a bullish expansion, as well. This suggests that price might eventually break up, although we are talking about just one indicator.

Popular crypto analyst Josh Rager points out, and charts, that such periods of Bitcoin calm do usually procede moves between 30-60% (whether up or down), according to a custom tool called the ‘Bitcoin historical volitility’ indicator.

Adding to the tension of the moment is Bitcoin’s mining difficulty, which just reached its highest level ever at 17.34 terahashes/second.

The views and opinions expressed here do not reflect those of and do not constitute financial advice. Always do your own research.

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