Bitcoin’s recent price movement has been unusually stable, with volatility hovering near record lows. Before the sharp price decline on June 7, Bitcoin’s volatility over the preceding 15-day period was within the "bottom 6% of occurrences" historically, according to Rapha Zagury, chief investment officer at Swan Bitcoin.

During the 15 days from May 24 to June 7, Bitcoin's price exhibited minimal movement, placing it close to the lowest volatility levels ever recorded for similar periods. Zagury noted in a June 7 post on social media platform X that the 15-day rolling volatility number was 23%, signaling a period of relative price stability. "The horizontal blue line is the latest 15-day rolling volatility number of 23%. It certainly looks close to the lower level," Zagury explained, referencing Bitcoin's constrained trading range during this time.

Throughout this period, Bitcoin traded within a narrow 7% range, fluctuating between $66,936 and $71,656. However, on June 7, the price abruptly declined by 3.33%, settling at $69,264, according to CoinMarketCap data. This decline coincided with the release of the United States Employment Situation Summary Report, which indicated stronger-than-expected job growth. This report suggested that the U.S. Federal Reserve might not cut inflation rates on June 11, a factor closely watched by Bitcoin analysts for its potential impact on the cryptocurrency's price.

As of the time of publication, Bitcoin is trading at $69,246.

Despite the recent price drop, Zagury highlighted the historical performance of Bitcoin during previous low-volatility periods. On average, Bitcoin’s price increased by 20.95% over the 30 days following such periods. The minimum return recorded was a further decline of 32.06%, while the maximum return reached 218.40%. Over a more extended 365-day period following similar low-volatility phases, the average return was a remarkable 820.82%, with the minimum return standing at 55.59%.

Zagury emphasized that these historical trends are not guarantees of future performance but suggested that there is "value in learning from the past." Bitcoin’s price behavior during these low-volatility periods provides insights that could be useful for investors and analysts attempting to predict future market movements.