Bitcoin quickly rebounded after falling below $80,000, with its 30-day trading range narrowing to 6%
Event details: On the evening of October 24, Bitcoin fell to a low of $79,220. Liquidations over 24 hours totaled $291 million, after which it rebounded to above $80,000. CryptoQuant analyst Axel Adler Jr. noted that the gap between the high and low over the past 30 days has narrowed from 13% to 6%. For the ninth consecutive day, the price has fluctuated between $80,000 and $86,000. Yesterday, it found support near the 365-day simple moving average.
Why this matters: Volatility contraction is often followed by a directional move. $80,000 is a key psychological level being tested for the third time since October 15; the previous two tests both saw a recovery. The latest rebound shows buyers are still defending the level, but each recovery has been smaller (a 4.51% rise when it broke through on August 25, versus just 0.04% to 0.15% this time), suggesting that momentum-chasing capital is fading.
Resistance and support levels: Resistance above is at $82,400 (MA20) and $84,400, with strong resistance between $86,000 and $86,700 (the top of the 9-day range). Support below is at $79,220 (the October 24 low) and $80,400, with key support at $78,400 (near the 100-day EMA). If that level gives way, the next range to watch is $73,000 to $75,000.
Outlook: A directional move is approaching. A move higher would require a high-volume recovery above $82,400, accompanied by increases in open interest and trading volume in futures. Possible downside triggers include a hawkish Federal Reserve meeting or a further surge in oil prices. Analyst Doctor Profit defines the $80,000–$81,000 range as a long-term accumulation zone, with a target of $94,000; bearish commentator Peter Schiff sees the next support at $75,000.
About Bitcoin: Bitcoin$BTC is the only crypto asset in this cycle included in JPMorgan's long-term capital market assumptions, and accounts for about 60% of the total crypto market capitalization.
Event details: On the evening of October 24, Bitcoin fell to a low of $79,220. Liquidations over 24 hours totaled $291 million, after which it rebounded to above $80,000. CryptoQuant analyst Axel Adler Jr. noted that the gap between the high and low over the past 30 days has narrowed from 13% to 6%. For the ninth consecutive day, the price has fluctuated between $80,000 and $86,000. Yesterday, it found support near the 365-day simple moving average.
Why this matters: Volatility contraction is often followed by a directional move. $80,000 is a key psychological level being tested for the third time since October 15; the previous two tests both saw a recovery. The latest rebound shows buyers are still defending the level, but each recovery has been smaller (a 4.51% rise when it broke through on August 25, versus just 0.04% to 0.15% this time), suggesting that momentum-chasing capital is fading.
Resistance and support levels: Resistance above is at $82,400 (MA20) and $84,400, with strong resistance between $86,000 and $86,700 (the top of the 9-day range). Support below is at $79,220 (the October 24 low) and $80,400, with key support at $78,400 (near the 100-day EMA). If that level gives way, the next range to watch is $73,000 to $75,000.
Outlook: A directional move is approaching. A move higher would require a high-volume recovery above $82,400, accompanied by increases in open interest and trading volume in futures. Possible downside triggers include a hawkish Federal Reserve meeting or a further surge in oil prices. Analyst Doctor Profit defines the $80,000–$81,000 range as a long-term accumulation zone, with a target of $94,000; bearish commentator Peter Schiff sees the next support at $75,000.
About Bitcoin: Bitcoin$BTC is the only crypto asset in this cycle included in JPMorgan's long-term capital market assumptions, and accounts for about 60% of the total crypto market capitalization.