Trading value hit 82 million USD, and the price was still pinning at 0.49 an hour ago. This $BTW candle with an increased volume and a long upper wick closed at 0.7089; the high at 0.738 has already eaten up all of yesterday’s downside.
But the fee rate is off: the funding rate is +0.0952%. For longs, every 100U held for one day burns 0.29U—annualized, it comes out to 183%. With a move of 28% working alongside this fee rate, it suggests the bulls are rushing to accumulate aggressively, while the shorts are also stubbornly holding on. The battle zone is being locked around 0.70.
Support is at 0.4978—the base of that pin. If it breaks, it won’t be just a shakeout; it’ll be distribution. Resistance first at 0.738; only after it holds effectively should we talk about reclaiming above 0.80. Place a stop-loss below 0.49. First watch whether it can grind through 0.74. After a breakout with increased volume, then look toward 0.82.
With the fee rate this hot, the long side’s ammunition consumption speed is three times the usual. If they can’t push it up, someone has to run first.
#BTW
But the fee rate is off: the funding rate is +0.0952%. For longs, every 100U held for one day burns 0.29U—annualized, it comes out to 183%. With a move of 28% working alongside this fee rate, it suggests the bulls are rushing to accumulate aggressively, while the shorts are also stubbornly holding on. The battle zone is being locked around 0.70.
Support is at 0.4978—the base of that pin. If it breaks, it won’t be just a shakeout; it’ll be distribution. Resistance first at 0.738; only after it holds effectively should we talk about reclaiming above 0.80. Place a stop-loss below 0.49. First watch whether it can grind through 0.74. After a breakout with increased volume, then look toward 0.82.
With the fee rate this hot, the long side’s ammunition consumption speed is three times the usual. If they can’t push it up, someone has to run first.
#BTW