Bitcoin might be returning to the bottom of its current range; trapped for months, BTC might be unable to push higher. Driven by macroeconomic forces and uncertainty, the sideways price action has decreased volatility across global financial assets.
At the time of writing, Bitcoin (BTC) trades at $19,400 with sideways movement across all timeframes. Earlier today, the cryptocurrency hinted at more gains, but bulls have been unable to sustain momentum, surrendering BTC’s profits from last week.
Bitcoin Goes Quiet, Macro Forces Take The Wheel
According to Arcane Research, Bitcoin has seen no clear direction in October. The cryptocurrency has been the best-performing asset in terms of assets moving sideways over this period.
The chart below shows that the benchmark cryptocurrency recorded a 0.6% profit over the past 30 days, while other crypto assets trended slightly to the downside. Smaller tokens were the worst performers, with a 5% loss in October.
Smaller cryptocurrencies often...
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