Bitcoin could continue to consolidate under $65,200 in the near term – Bitfinex

Bitcoin could continue to consolidate under $65,200 in the near term – Bitfinex
фото показано с : cryptoslate.com

2024-9-24 00:00

Bitcoin (BTC) is approaching its Aug. 25 high of $65,200, a resistance threshold that could hold BTC in a consolidation zone for more weeks, according to the latest edition of the “Bitfinex Alpha” report.

BTC is up nearly 6% since the Fed cut the US interest rate by 50 basis points. Yet, the report highlighted that Bitcoin’s current rally is driven primarily by futures trading rather than spot market activity, which raises concerns about potential volatility and correction.

Derivatives-fueled rally

Global open interest (OI) in Bitcoin futures has reached $19.43 billion, surpassing the Aug. 25 value of $18.93 billion, while the price remains about $1,000 below the local high. This suggests that the current price movement is led by perpetuals and futures trading, contrasting with the spot market-dominated rally earlier this month.

Additionally, the spot market buying has slowed as the spot cumulative delta indicator flattened above $63,500. This development, coupled with increased futures activity, suggests the potential for a new lower timeframe range or partial correction.

Although this can be seen as a bearish sign, Bitfinex analysts pointed out that OI does not indicate how much leverage derivatives traders are using. The high OI is likely driven by investors’ renewed interest in speculating on risk assets such as Bitcoin after the rate cut.

Furthermore, altcoin speculation is also on the rise, with some tokens like SUI and AAVE seeing 100% gains since their August and September lows. However, altcoin open interest has also hit a higher high of $11.48 billion compared to the Aug. 19 peak of $10.74 billion.

ETF flows suggest otherwise

A counter-argument to potential consolidation is the renewed interest in spot Bitcoin exchange-traded funds (ETFs), which saw $397.2 million in net inflows last week after a period of outflows from Aug. 24 to Sept. 6.

The crypto market’s future direction may be influenced by broader market trends, particularly if the S&P 500 continues to rally beyond all-time highs and Bitcoin follows suit.

The report highlighted that risk appetite for Bitcoin from traditional finance has manifested itself through spot ETF inflows, historically contributing to a strong correlation between Bitcoin and the S&P 500.

The post Bitcoin could continue to consolidate under $65,200 in the near term – Bitfinex appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 64112.17 (-0.25%)
Объем 24H $29.056b
Изменеия 24h: 1.14 %, 7d: 6.27 %
Cегодня L: $64112.17 - H: $64274.11
Капитализация $1266.759b Rank 1
Цена в час новости $ 63440.24 (1.06%)

bitcoin bitfinex btc 200 could hold zone

Источник: cryptoslate.com

bitcoin bitfinex → Результатов: 126


Bitcoin Worth $97M from 2016 Bitfinex Hack on the Move

The flurry of BTC disbursement from the Bitfinex hack loot occurred following the bitcoin price setting a new all-time high on some exchange platforms. 5045.8 BTC in Stolen Bitfinex Funds Moved as Bitcoin Spikes According to transactions tracked by on-chain monitoring bot “Whale Alert,” entities in control of the wallets containing funds from the 2016 … Continued The post Bitcoin Worth $97M from 2016 Bitfinex Hack on the Move appeared first on BeInCrypto.

2020-12-1 23:41


Фото:

What’s Behind the Increasing Number of Bitcoin Longs on Bitfinex?

The number of long orders on the Bitfinex exchange has been making all-time highs for the past five days. This is unusual since the Bitcoin price has decreased by around 10% over these days. The possibility of this occurrence preceding a long squeeze has likely been invalidated, since the rapid price decrease of December 17 […] The post What’s Behind the Increasing Number of Bitcoin Longs on Bitfinex? appeared first on BeInCrypto.

2019-12-19 06:48


Bitfinex Sparks Controversy Allegedly Manipulating $20,000 Bitcoin Price High

Bitfinex, which shares co-founders with the Tether stablecoin, is once again attracting controversy over the manipulation of the Bitcoin price. Per a paper published by the University of Texas Professor John Griffin and Ohio State University’s Amin Shams, Bitcoin’s run to a record high near $20,000 in 2017 was caused by a single market whale.

2019-11-5 12:42


Analyst: Bitfinex Court Hearing Could Contribute to Massive Bitcoin Volatility

The crypto markets have been closely following the situation that has been unfolding around the popular and controversial Bitfinex cryptocurrency exchange, which also owns the controversial stable coin Tether, which is accused by the NYAG of allowing US-based users to flout the Bitcoin (BTC) and crypto leveraged trading restrictions.

2019-7-30 01:00


Bitcoin Price Analysis: BTC bulls Raved, BitFinex Server Migration in Progress

Latest Bitcoin News By dropping 8,540.4082 BTC, the number of Bitcoin open short positions at BitFinex is down 26 percent at the time of press in the last two days. This decline hint of capital flight and as a major player in the space, a downtime that would see the exchange move their servers from […] The post Bitcoin Price Analysis: BTC bulls Raved, BitFinex Server Migration in Progress appeared first on Ethereum World News.

2019-1-7 15:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

AI tokens lead weekly gains after Fed’s interest rate cut

Artificial intelligence (AI) tokens are leading the weekly gains in crypto, registering an average return of 37% over the past seven days, according to Artemis’ data. The performance shown by AI tokens is more than double the market’s 15.