Over the past 24 hours, BTC gained 0.92%. At the same time, the Bollinger Bands (an indicator that shows how widely the price moves around its average) narrowed: the distance between the boundaries is now $5,368, which is roughly 6.5% of the coin's price. According to Barchart, this is one of the lowest levels since the start of 2023.
How such periods of calm ended before: in May, a similar squeeze occurred at $82,000 - and the price crashed by almost 30%, below $58,000. Three months later, the range narrowed again around $63,000, but the result was the opposite: a rise of more than 35%, to $87,000.
Separately telling is how Bitcoin got through last week. The tech stock index was falling, oil rose above $100 per barrel, and BTC still closed the week above $82,000. Analyst Ted Pillows calls this level key support: in May it acted as strong resistance.
The main battle is playing out in the $80,000-85,000 corridor. A daily close above $85,000 on rising trading volume opens the way to $87,000 and then to $89,358. Losing $80,000 brings the supports at $79,033 and $77,876 into play, and a deep pullback - into the $73,000-75,000 area.
The main weakness in the picture is volume: it has been falling since June, meaning buyers are acting hesitantly. It is volume that will provide confirmation when the price breaks out of the range.
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