• Bitcoin has experienced an unusually calm period, with its price moving less than 5% for 34 straight sessions
• This period of low volatility has disappointed many in the crypto community, as October is historically a bullish month for Bitcoin, earning the nickname “Uptober”
• Traders are remaining on the sidelines, awaiting the outcome of the upcoming US presidential election
Bitcoin has settled into an unusually calm period as traders remain on the sidelines awaiting the outcome of the upcoming US presidential election.
Bitcoin’s Historic Price Action in October
The original cryptocurrency moved less than 5% for 34 straight sessions through yesterday, on par with the longest such streak of calm in a year according to data compiled by Bloomberg. The doldrums in price movement has disappointed many in the crypto community since the asset class has historically performed well in October, earning the nickname “Uptober”.
Factors Contributing to Bitcoin’s Lack of Volatility
Many attribute the current stagnation to a lack of clear drivers with attention focused on the upcoming US presidential election. The outcome of the election could potentially impact future cryptocurrency regulation. With the race too close to call, traders appear to be avoiding large bets until the results are clear.
Looking Ahead
It remains to be seen whether bitcoin will live up to its “Uptober” reputation this month. For now, the leading cryptocurrency remains stuck in an uncharacteristically narrow trading range as participants wait for greater clarity on the macro backdrop. Any surprises in the US election could quickly shake bitcoin out of its slumber, for better or worse.
