Bitcoin once felt like the world's most volatile asset but now it seems to be stuck in neutral. It tried to make a move to the upside yesterday but stalled out at $114K and has been sucked right back to $108K. The sluggish market has been characterized by fake breaks to the upside in July, August and October. All of them have proven to be fleeting and it's now near the bottom of the July-Oct range.
It's a strange change in bitcoin behaviour as it should be benefiting from the rally in the Nasdaq and the dollar debasement trade.
It's inevitable that bitcoin is going to make a strong move but a gain of only 17% this year given all the drama feels pyrrhic, especially since it's right back to where it was last December.
All we can do is watch and wait for some kind of catalyst to get it moving again.
