Bitcoin (BTC) was about 5.9% below its Oct. 2 level in crypto analyst Axel Adler Jr.’s Oct. 20 snapshot, as his futures gauge remained below 50, a level at which readings favor sellers.
Adler’s snapshot put Bitcoin at $81,600, $1,200 above $80,400, the lower boundary he identified for a three-week trading range. His comparison point was $86,700 on Oct. 2.
The futures reading had stayed under 50 since Oct. 17 and landed at 46 after nearing that mark on Oct. 19. A separate market-structure measure was -0.32, down from +0.37 a week earlier but still above Adler’s -0.5 bearish threshold.
Adler’s watchpoints are a paired break below $80,400 and -0.5, which he associates with the correction starting to turn into a downtrend, and a futures-gauge recovery above 50, which he sees as a sign of buyers returning.
