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Bitcoin is literally trapped around $104k...
And it is squeezed tight between the 0.85 cost-basis band at $108.5K and the 0.75 band at $100.6K.
These quantile levels are where whales historically flip the trend:
+ Break above $108.5k and shorts get smoked, and $BTC enters expansion.
+ Lose $100.6K and we revisit lower liquidity pockets FAST.
It’s a compressed volatility zon eand the longer BTC sits here… the harder the breakout that follows.
I’m staring at this. Something big is loading.
Source: @glassnode