Bitcoin’s recent sluggish price action has done little to lend itself towards understanding the current state of the crypto’s macro trend.
The flagship crypto has mostly been fluctuating between $9K and $9,500, with this trading range narrowing significantly throughout the past several weeks as it currently trades around $9,151 at press time.
This has led the king coin’s volatility to reach a historic low, suggesting that a significant movement is brewing. In the short-term, however, Bitcoin will likely remain stagnant.
Thus, investors must pay close attention to the $9,060 and $9,280 hurdles since they will determine where the BTC price heads next.
Intense BTC Price Bullrun is Looming
BTC’s ongoing lackluster movement may not be exceptional. A closer look at the coin’s historical post-halving price action indicates that this may be just the initial stage of its next massive bull run.
While addressing Bitcoin’s historical positioning, analyst JackSparrow affirmed that he is firmly bullish on the flagship cryptocurrency. He offered the chart below, showing that BTC prices tend to consolidate following its mining rewards halving.
JackSparrow concluded that this consolidation phase would ultimately provide BTC price with the fuel needed to sustain its next uptrend.
His sentiments were echoed by another top analyst who recently noted that Bitcoin is likely to see a “cascade” of liquidations, which could fuel a potentially parabolic movement in the coming months.
A DeFi Token Sees Explosive Trend
The native token of DeFi lender Aave has surged by more than 100% in July and is registering astronomical gains for the year so far.
On Friday, LEND was trading 1,500% higher on a year-to-date (YTD) timeframe, with its explosive rally following a long string of positive fundamentals, including a $3M inbound investment.
As a tradable asset, the LEND price reflects Aave’s growth in the emerging decentralized finance (DeFi) space, and the token has not disappointed its holders so far into 2020. In the last 24 hours, the LEND/BTC pair established its YTD high at $0.314.
The token has largely benefited from the ongoing DeFi craze that has seen most of the tokens involved with this emerging finance model surge higher in Q2 of 2020.
On July 7, the platform’s CEO, Stani Kulechov, further utilized the DeFi hype by introducing Credit Delegation, whereby depositors can supply digital assets like stablecoin USDT to Aave but delegate to a borrower.
Following the announcement, the LEND/USD exchange rate surged 27% before experiencing a minor pullback on its way up.