Update
Bitcoin Range Bound Near $85,000
Bitcoin's rallies near $85,000 have failed, and charts show the cryptocurrency making lower highs at each breakout. Aggregate spot volumes are down 30% from their September high, suggesting bullish momentum is losing pace. The market is range-bound within a $5,000 band, with near-equal leveraged positioning in futures markets, highlighting a stalemate enforced by non-crypto-specific macroeconomic factors and their impact on sentiment. Spot trading volumes have also fallen nearly 30% since the mid-September peak.