According to TechFlow, the latest report from Bitfinex Alpha pointed out that Bitcoin surged after the Fed’s decision to cut interest rates, hitting a recent high of $64,200 on September 20, but still failed to break through the key resistance level of $65,200 on August 25. The report believes that if Bitcoin fails to break through this level, it will continue the downward trend since March.
It is worth noting that the growth rate of Bitcoin open interest has exceeded the price increase, indicating that the futures and perpetual contract markets may be the main factors driving the price increase last week. At the same time, some altcoins have risen by more than 100%, but the altcoin open interest has also reached a new high, while the OTHERS index (excluding the top 10 tokens by market value) is still declining. The report predicts that Bitcoin will fluctuate within a certain range in the short term.
However, continued ETF inflows may support Bitcoin prices, with a net inflow of $397.2 million into Bitcoin spot ETFs last week. In addition, MicroStrategy once again increased its holdings by 7,420 Bitcoins, bringing its total holdings to 252,220 Bitcoins, worth $15.8 billion. At the same time, the SEC accelerated the approval of BlackRock iShares Bitcoin Trust Options listing application, indicating that institutions continued to enter the market.
