Bitcoin traded in a narrow range, moving no more than 6% over the past month, according to Decrypt data. The five largest cryptocurrencies each moved less than 2% over the past week. Analysts disagreed on what the quiet trading means: André Dragosch of Bitwise Europe called it a possible early sign of a bull market, while Carlos Guzman of GSR said it was neither a good nor a bad sign.
Dragosch said Bitcoin was in “wait and see mode” ahead of the Federal Reserve’s October 28 rate decision. Jake Koch-Gallup of Blockworks said that decision and a $11.69 billion Bitcoin options expiry on October 30 could shape the market’s next move, but his forecast depended on what the Fed does and whether ETF inflows continue.
