📉 Bitcoin $BTC closes at 75,702 USD, breaks below the 77,100 USD support level after 24 days of ranging.
BTC fell 3.2%, dipping below even the low of 76,043 USD set after the August CPI report, following a period of fluctuation between 77,100–81,300 USD from 21/8.
Why is it noteworthy?
According to Bitfinex Alpha, spot demand is weak, but dip-buying in derivatives happens very quickly: global Open Interest dropped by 1.7 billion USD during the adjustment on 15/9, then rebounded to 52.15 billion USD—higher than the previous 52.1 billion USD—despite about 571 million USD in long positions being liquidated.
Simply put:
The long side of contracts is catching the bottom, but it only regains the 77,100 USD level if spot capital flows return; otherwise, the price may continue to test the 73,500 USD area.
#Bitcoin #CryptoNews
🔗 Source: Cryptonews
⚠️ Information is for reference only and not investment advice. Do your own research before deciding (DYOR).
BTC fell 3.2%, dipping below even the low of 76,043 USD set after the August CPI report, following a period of fluctuation between 77,100–81,300 USD from 21/8.
Why is it noteworthy?
According to Bitfinex Alpha, spot demand is weak, but dip-buying in derivatives happens very quickly: global Open Interest dropped by 1.7 billion USD during the adjustment on 15/9, then rebounded to 52.15 billion USD—higher than the previous 52.1 billion USD—despite about 571 million USD in long positions being liquidated.
Simply put:
The long side of contracts is catching the bottom, but it only regains the 77,100 USD level if spot capital flows return; otherwise, the price may continue to test the 73,500 USD area.
#Bitcoin #CryptoNews
🔗 Source: Cryptonews
⚠️ Information is for reference only and not investment advice. Do your own research before deciding (DYOR).