Bitcoin’s rebound off $28,701 on Aug. 7 shows that lower levels continue to attract buyers. The recovery has kept the price stuck inside the range as traders await the start of a new trending move. A recent report by ARK Invest says that “Bitcoin’s volatility dropped to a 6-year low during July.”
Traders who expected a strong move in either direction have been disappointed by the ongoing range-bound action in August. If history repeats itself, then August and September may turn out to be washout months, as their average moves have been 0.73% and -5.01%, respectively.