Bitcoin's recent price action has been remarkably stable, with the 15 days leading up to June 7th showcasing some of the lowest volatility ever recorded in the cryptocurrency's history. This period falls within the bottom 6% of all 15-day periods in terms of price movement. This newfound stability, combined with its reputation as a decentralized market hedge, is attracting both traders and long-term investors.
According to Swan Bitcoin's Rapha Zagury, the period between May 24th and June 7th displayed minimal price fluctuations, placing it among the least volatile stretches in Bitcoin's existence. In a recent post, Zagury pointed out how Bitcoin price remained tightly bound within a narrow 7% range, trading between $66,936 and $71,656.
This period of tranquility ended abruptly on June 7th with a price drop of 3.33%, bringing Bitcoin down to $69,264 as per CoinMarketCap. This decline coincided with the release of the U.S. Employment Situation Summary Report, which indicated stronger-than-anticipated job growth. This news potentially dampened hopes for the Federal Reserve to take action on inflation rates at their June 11th meeting, a key factor influencing Bitcoin's price movements.
While the current price sits at $69,246, it's worth noting historical trends during similar periods of low volatility. Zagury highlights that past occurrences saw an average return of 20.95% within the following 30 days. However, historical performance isn't always a perfect indicator of future results, so caution is advised. The long-term picture is even more intriguing, with historical data suggesting a minimum return exceeding 55% and an average return surpassing 820% within a year of similar low-volatility periods.
