The price of Bitcoin has been stuck in a narrow range for weeks, leaving many investors scratching their heads. Toby Cunningham, a well-known crypto expert, has some insights on why Bitcoin's price isn't skyrocketing right now. In a recent video, Cunningham explained that Bitcoin's price has been hovering around $65,000 for 62 days, a phenomenon known as "crabbing."

Cunningham believes that understanding the underlying factors driving Bitcoin's price is crucial for making informed investment decisions. He points out that historical data suggests that Bitcoin's price may remain stagnant for a while longer before making a significant move. While some attribute the current price action to external factors like government sales or regulatory investigations, Cunningham thinks there's more to it.

According to Cunningham, high levels of open interest and leverage in the system are significant factors influencing Bitcoin's price. He notes that leverage has remained high over the past four months, making the market vulnerable to manipulation by large players or "whales." These whales, Cunningham believes, can significantly influence price movements due to their substantial leverage.

Despite the current market stagnation, Cunningham highlights that smart whales are making significant moves, indicating confidence in Bitcoin's long-term value. He cites an example of a whale purchasing 570 Bitcoin worth over $430 million, suggesting that some large investors see this as an accumulation phase. Cunningham advises investors to remain patient and focus on Bitcoin's fundamentals rather than short-term price movements.

In conclusion, Cunningham's analysis suggests that Bitcoin's price may remain stagnant for a while longer before making a significant move. Investors would do well to focus on the fundamentals of Bitcoin rather than getting swayed by short-term price movements. With patience and a long-term perspective, investors can ride out the current market uncertainty and potentially reap rewards in the future.