When movement?

Volatility and trading volume have dramatically tapered off as crypto winter continues to drag on.The most striking thing about the current period in crypto is the sheer lack of meaningful catalysts. Volatility and trading volume have dramatically tapered off, and despite a brief foray below 30k in BTC this week, there have been scant few market-moving events to point to, other than a slow and painful grind lower and relatively range-bound trading thereafter.Typically, the longer the period of consolidation, the more explosive the move when the break out from the price range occurs. With the onchain indictor — Stablecoin Supply Rate — flashing a bottom reversal and the macro backdrop of inflation running hotter than expected with US CPI at 5.2%, the highest in 13 years, a bottom in price should/could be expected if the inflation hedge narrative holds. However, as we highlighted before in this Weekly, traditional TA seems to be providing greater accuracy with price action, and the Relative Strength Index on the daily time frame continues to act as near perfect resistance, albeit with more frequent and persistent tests on the 6-month downtrend.BTC:USD chart showing a classic Bollinger Bank pitch and the RSI providing extremely precise resistance. Note there has now been 9 tests of this 7-month trendChart showing BTC price in USD Vs the SSR. The SSR is the ratio between the total market cap of Bitcoin and the total market cap of USD stablecoins. The lower the ratio, the greater the purchasing power potential of the stablecoins that have been issued that could potentially be deployed to buy BTC.With 2 lackluster months of consolidation behind us and in search of news, we are very aware that we are approaching the much-hyped EIP-1559 release date, which has recently been confirmed for August 4th at Ethereum block…