Quiet is the best word to describe the market. Tuesday’s trading stayed within the same price range maintained over the past several weeks, with bitcoin remaining inside a tight $200 range for much of the day.
The leading cryptocurrency only briefly dipped below $9,050 Tuesday afternoon and did not break above $9,250, according to Bitstamp. Bitcoin was trading hands around $9,140 as of 20:00 UTC (4 p.m. ET).
, the second-largest cryptocurrency by market capitalization, dropped 1.2% from its Tuesday open, trading around $225 as of 20:00 UTC (4 p.m. ET), according to Bitstamp.
Some traders are growing tired of this range as expectations for a breakout in either direction are crushed. “Every breakout in the last six weeks has revealed to be a false one, taking many traders to the woodshed in just a few hours,” said David Lifchitz, partner at quantitative trading firm ExoAlpha.