The price of bitcoin has been stuck in a range for over a month now, this is not news. And for the crypto world a month goes over like a year, which makes the price action seem even that much more mundane.
Slow and Low...
So looking at the chart we see that same 30K-41K range bitcoin has been stuck in. We see that price has tested that the 30K level like 800 times as this point (sarcasm included) and is riding this support again.
In fact, not only is it riding the 30K support, the past week has seen price basically stuck between 30k and 34k. You can call it the range within the range.
Here is the point though. The price action keeps getting more compressed, the volume is still light with the exception of a day or two.
All of this usually adds up to the calm before the storm.
Here's the rub; which way is price gonna go!?!?
At some point volatility will kick back in and we will see an large price push. If that is higher then the 41K resistance will be attacked once again. If it is lower than bitcoin likely sees 23K.
Either, the crypto community is likely getting impatient. Waiting around for things to happen isn't exactly an attribute of the crypto crowd.