Bitcoin ranges shake up as data shows more investors choose to hold firm

Some market participants believe that bitcoin's speculative attributes have dried up as the Federal Reserve begins to raise interest rates. On the other hand, with Bitcoin falling below the important break-even point of $47,000, Bitcoin is likely to range-bound for a long time - as short term traders see a rally and choose to sell off.

The cryptocurrency has only existed for more than a decade, so there is little historical data to measure its performance in a sustained inflationary environment, according to Moneta Chief Investment Officer Aoifinn Devitt.