Analysts warn of sharp bitcoin move as price compresses near $80,000
- —30-day BTC range narrowed from 13% to 6%, ninth day of compression
- —BTC bounced off the 365-day SMA on October 24 and closed near $80,500
- —Spot demand at -58,000 BTC versus +39,000 BTC on futures
- —Key levels: $86,000 resistance and the 365-day SMA near $80,500
Why it matters: Volatility compression typically resolves in an impulse move, and the direction of the breakout will set the market's near-term trend.
Source: ForkLog
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