Bitcoin (BTC) price has been fluctuating between 55,000 $ and 58,200 $ for almost a week. The 200-day EMA is holding resistance at $58,000. According to data from Cointelegraph Markets Pro and TradingView, Bitcoin price is at 57.841 $ and low trading volumes indicate an extended period of consolidation.

BTC's price is weighed down by the 200-day EMA. On July 4th, the Bitcoin price crashed due to the German government's continued sale of BTC and Mt. Gox has fallen below the critical support provided by the 200-day exponential moving average (EMA). Attempts to regain this level were made, but each failed to trigger a broader price trend.

Bitcoin whales were unaffected by the recent decline and saw this as an opportunity to add to their holdings. Glassnode data shows that the Bitcoin accumulation trend score is 0.444, indicating that investors are accumulating more. A positive score indicates that whales are hoarding more Bitcoin than they are distributing, while a negative score indicates the opposite.

Bitcoin price volatility is still absent. Historically, Bitcoin volatility is at its lowest levels. TradingView data shows the Bitcoin historical volatility index was 8.86 as of July 11, which is well below the 2021 peak of 42.7.

These factors portray the current state of the Bitcoin market, with the price appearing to be stuck in a narrow range. However, changes always happen very quickly, so market participants should closely monitor on-chain metrics to stay informed. What are your thoughts? We are waiting your comments.#Bitcoin#Cryptocurrency #Blockchain