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BTC volatility according to the 30-day Price High & Low metric has compressed to a 2-year minimum: the range between the 30-day high and low has narrowed and the bands themselves (rolling max/min) have tightly squeezed the price. Such compression typically reflects supply/demand balance and low realized volatility, when liquidity concentrates above local highs ($120K) and below lows ($113K).
The probability of range expansion is increasing.