Bitcoin Reclaims $64K Amid Volatility Trap

Bitcoin's price has reclaimed $64,000 after a nearly 2% gain on August 17. The rebound erased part of the decline seen over the previous week, when Bitcoin repeatedly tested support between $62,500 and $63,000.

The recovery was attributed to recent exchange-traded fund flows by Jeff Mei, chief operating officer at BTSE, who stated that 'BTC and ETH pulled back a bit after some ETF outflows last week.'

According to Glassnode's volatility trap score, which climbed to 91 out of 100, the current low-volatility environment has reached its highest reading in over three years. This suggests that Bitcoin may not remain within the narrow range of $62,200 and $64,700 indefinitely.