The Bitcoin price has been pretty stable for over a month.
It is unlikely that stability will last long after the historical behavior of the coin.
It could be a calm before the storm, although it is not known which direction the price could go.
Bitcoin (BTC) is known for many things. It is the first cryptocurrency that also makes it the oldest. It is the largest coin by market cap in the entire crypto industry and almost synonymous with cryptocurrency.
One thing for which BTC is not known is its price stability – and in fact its price has not yet come to a complete standstill. However, for over a month now, BTC has been much more stable than at any point in 2020.
Bitcoin in 2020
Bitcoin started growing as soon as 2020 started. The price of the coin wasted no time and rose past numerous resistances. from just over $ 7,000 on January 1st to over $ 10,000 by mid-February.
The growth was due to several reasons, such as the coin halving event that occurred on May 11th. Not to mention that the coronavirus pandemic indicated how big the threat can be, and many people seem to have predicted that it will have a significant impact on the global economy.
However, it was also the situation regarding COVID-19 that caused Bitcoin to crash on March 12th. At that point, fears of the corona virus were already in full swing and the stock market had already fallen. The crypto industry resisted for a while, but eventually followed, purportedly because of the correlation alone.
BTC after the crash
The crash led BTC to its lowest point of the year at $ 3,800. However, the coin recovered fairly quickly, and in about two months it was back at $ 10,000 to break through that massive barrier and go beyond. In fact, it tried several times, but its price was always rejected.
Then the coin suddenly saw more and more stability, while its price remained mostly between $ 9,100 and $ 9,400. This is remarkable for Bitcoin as the price has been able to maintain this stability for over a month.
BTC usually doesn't stay calm for long. For this reason, many expect it to go up or down, although no one can tell which direction it will go or when it could happen. Therefore, those who want to buy BTC should be ready at all times.