The crypto market is boring. Bitcoin (BTC), which is the largest digital asset in the world by market value has been stuck at the same price for months, despite concerns over the stability of regional U.S. banks and the country’s credit ceiling.

The difference between the highs and lows reached during the week of May 21 was 3.4%. This is the narrowest range in the last three years, and similar to the lackluster trading at the beginning of the year.

It is similar to January 2023 and July 2020. Both of these events preceded major market movements. Glassnode said in a tweet early Monday that this suggests a high level of volatility on the horizon.

Recent options-based volatility measurements for bitcoin (BTC) and ether(ETH) have also reached record lows.

Narrow trading ranges show that neither bullish or bearish perspectives are dominant in the price action. This is what happens when there are competing narratives and influences. The lingering U.S. issues in the banking sector may favor perceived safe haven assets such as bitcoin. However, the inability to resolve the debt ceiling talks and the recovery of the dollar index suggests otherwise.

When some factors are no longer important, the range of trading can widen or move strongly in one direction. When traders anticipate an exit from tighter ranges, they often use price-agnostic trading strategies such as strangles and straddles.

According to CoinDesk, Bitcoin was trading at around $26,830 as of press time.

Sheldon Reback is the editor.