Analysis: Bitcoin has been ranging in a narrow band for 9 consecutive days, with the 365-day moving average serving as key support below

Odaily reports: CryptoQuant analyst Axel Adler Jr. posted on the X platform that Bitcoin remains in a volatility contraction phase. The spread between the highest and lowest prices over the past 30 days has narrowed from 13% to 6%, and the price has remained within the $80,000 to $86,000 range for the 9th consecutive day. Yesterday, Bitcoin found support near the 365-day simple moving average (SMA 365) and rebounded, closing at $80,500, marking a new low for the past 30 days.

He noted that volatility contractions typically end with sharp price movements. The key level above is currently $86,000, while below, attention should be paid to the 365-day moving average.