BTC is currently in an interesting technical compression phase. The 4-hour chart shows the Bollinger Bands are extremely compressed, a situation that hasn't occurred since June 25.

The broader timeframes are also in compression. The 1-hour, 2-hour, 3-hour, and 6-hour Bollinger Bands are all in an extremely compressed state.

The compression at the 12-hour and daily levels is relatively moderate. This multi-timeframe compression combination usually hints at an imminent directional breakout—whether upward or downward, the subsequent candlesticks will provide the answer.