Opinion: The $87,000 to $87,800 resistance zone for Bitcoin remains effective; a breakout could trigger sharp volatility.

October 20 - Glassnode stated in a post that Bitcoin's key price levels for the fourth quarter are currently still holding. The institution previously pointed out in the "Charting Crypto" report with Colin Basco and the Coinbase Institutional team that BTC faces resistance in the $87,000 to $87,800 range. Since then, Bitcoin's price has been blocked in that range and has continued to consolidate below it.

Glassnode believes that if Bitcoin breaks out of the current consolidation range, the market may experience significant volatility, but there is still a large concentrated selling pressure zone around the $90,000 level above.