10x Research: Bitcoin's dip below $80K may be a false breakdown
- —Bitcoin's 30-day range narrowed from 13% to 6%
- —Spot demand -58,000 BTC, futures +39,000 BTC, net -19,000 BTC
- —BTC bounced off its 365-day SMA on Oct. 24 and closed near $80,500
- —Key levels sit at $86,000 on the upside and $80,500 on the downside
Why it matters: Volatility compression typically resolves in a sharp move, and the direction of the breakout will set the market's tone during Fed week.
Source: Cryptocurrency.tech