Why is Bitcoin TRAPPED Between $80K And $85K

Coin Bureau • 3 days ago

Original source

What This Video Is About

The Coin Bureau Club research team discusses Bitcoin's price action, highlighting its choppy and relentless nature, with key levels at $80K and $85K being crucial for determining the outlook.

Major Ideas Discussed

  • The key levels to watch are $80K and $85K, with a ceiling at $87.5K and a 20-month moving average at $87.2K, and a thick band of overhead supply between $81K and $82.5K.
  • The institutional cost basis is important, with the average US spot ETF buyer at $81.5K and corporate treasuries at $80.2K.
  • Five signals are being watched to determine whether a breakout will stick: spot-led moves, open interest and funding, ETF breadth, daily and weekly closes, and daily closes to the downside.
  • The market is being squeezed from above, with the range narrowing, and Bitcoin is highly correlated with the NASDAQ and AI-related stocks.
  • The price of oil is also important, as it affects inflation and the Fed's decision on interest rates.
  • Several major developments are expected this week, including earnings reports from Microsoft, Alphabet, and Amazon, tomorrow's inflation data, the Fed's decision and press conference, and PCE print.

What to Watch Next

The Coin Bureau Club will be analyzing each of the upcoming events and breaking down what they mean for the markets, including the earnings reports, inflation data, and the Fed's decision, to determine the outlook for Bitcoin and the potential for a breakout.