Bitcoin (BTC) has spent a better part of the last 24 hours trading a tight range around $6,800. In fact, the cryptocurrency has been restricted to an increasingly narrow price range for almost a week now, with neither the bulls nor the bears able to force a big move in either direction. As of writing, BTC is changing hands at $6,840 on Bitfinex.
However, while the sideways trading is somewhat dull for observers and traders alike, the market may be about to become more exciting. According to technical theory, the wider the range and the longer the duration of the consolidation zone, the more violent the breakout tends to be.
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