Bitcoin is trapped in a narrow trading range of $3800-$3900 as the past week saw bears dominating the situation, while the bulls continued to decrease in strength.
It has been one of the steadiest weeks that Bitcoin passed through without much volatility in recent months.
In the last 7 days the price of the leading cryptocurrency by market capitalization improved by more than $38, or 1 percent.
As of writing this article, BTC is trading at $3,896 on Coinbase.
In line with the recent trend, bitcoin continues to stay shy to move toward the psychological hurdle of $4,000, and hovers below a resistance of $3,900.
The positive aspect is that Bitcon is maintaining a level above $3500 for more than a month, and recovers fast from short spells of decline.
When compared to the previous month, Bitcoin is moving on a marginally higher level of progress on the monthly chart.
Within the past 30 days, BTC price increased by $320, or 9 percent.
Notably, against the conventional theory that investor interest tends to drop during periods of consolidation, Bitcoin’s daily trading volume remains above $10 billion.
On Friday, Bitcoin recorded a 24-hour trading volume of $10.70 billion, near the 10-month high of $10.75 billion seen on February 24.
BTC currently has a market capitalization of $68.3 billion.
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