Bitcoin has been stuck in a tight range for over a month, and the pressure building up points to a large move soon — with early positioning leaning to the downside.

• Bitcoin has traded between $62,000 and $66,000 for five weeks straight, and the range is getting tighter.
• Volatility has collapsed to its lowest since last September, which usually means a big move is coming.
• The longer this squeeze lasts, the more violent the breakout tends to be.
• Options traders are paying up for downside protection, so the market is leaning bearish for now.

Outlook: A major breakout is expected in the back half of August or early September, direction still unresolved but positioned toward the downside.

## Bitcoin Levels

• **Bias:** Neutral to bearish — coiled range, options tilted to the downside.
• **Support:** $62,000
• **Resistance:** $66,000