$ETH The current Bitcoin futures contract market buy pressure is approaching the "8.19" level. Bulls have regrouped again.
BlockBeats reported that on October 2, crypto analyst @AxelAdlerJr said that the current Bitcoin futures market buy pressure indicator has risen to 4.9, reaching its highest level since August 19. In the past 24 hours, the contract open interest has increased by nearly 9,000 BTC, which suggests traders have begun building positions again. The buy pressure indicator measures the balance between market buying and selling, weighted by the change in open contracts. A reading of 4.9 means that the accumulated pressure over the past 12 hours is nearly five standard deviations above the average level of the past week. This spike may be accompanied by long position building and the closing of short positions. @AxelAdlerJr believes that if Bitcoin can maintain above $85,000 even as the upward momentum weakens, it would indicate that this rally could continue. The main risk for newly opened long positions is that the price falls below $83,000: liquidations could accelerate the decline.
BlockBeats reported that on October 2, crypto analyst @AxelAdlerJr said that the current Bitcoin futures market buy pressure indicator has risen to 4.9, reaching its highest level since August 19. In the past 24 hours, the contract open interest has increased by nearly 9,000 BTC, which suggests traders have begun building positions again. The buy pressure indicator measures the balance between market buying and selling, weighted by the change in open contracts. A reading of 4.9 means that the accumulated pressure over the past 12 hours is nearly five standard deviations above the average level of the past week. This spike may be accompanied by long position building and the closing of short positions. @AxelAdlerJr believes that if Bitcoin can maintain above $85,000 even as the upward momentum weakens, it would indicate that this rally could continue. The main risk for newly opened long positions is that the price falls below $83,000: liquidations could accelerate the decline.