October 10 $BTC Market Analysis
💫News:
Oil prices briefly surged to around $105 (amid Iran-related geopolitical tensions and speculation that Trump may consider launching a strike before the midterm elections). U.S. Treasury yields remained elevated (the 30-year yield near 5.72%, and the 10-year yield around 5.3%), the dollar was relatively strong, and Fed meeting minutes indicated that another rate hike could still happen this year.
U.S. government wallet transfer: Approximately 12,267 BTC (about $1 billion) was transferred from a government wallet linked to the Bitfinex hack, raising concerns about supply.
Holders realized approximately $1.03 billion in profits, and the market saw large-scale long liquidations.
💫Flows:
U.S. spot Bitcoin ETFs saw net outflows of approximately $485 million, their largest single-day outflow since June, turning negative overall in October.
Perpetual futures funding rates were positive but moderate (around 0.003%–0.006% every 8 hours, or about 3%–7% annualized), not reaching extreme levels. Open interest fluctuated and declined before partially recovering. The share of long accounts remained relatively high (around 60%), but leverage eased following the liquidations.
💫Technical Analysis:
As I mentioned yesterday, we need to watch whether the price can hold above 83,400. If it cannot, it could still move lower. Yesterday, the price touched this level and then pulled back. It is currently ranging between 81,000 and 83,400. To sum up, unless it holds above 83,400, it could break below 81,000 and move toward 78,000. In my view, there is still room for the price to fall from here. Even if it does not fall further, it will need time to move sideways and recover.
So, to sum up, the price needs to move lower to find support. Most likely, it will range between 75,000 and 78,000.
$BTC
💫News:
Oil prices briefly surged to around $105 (amid Iran-related geopolitical tensions and speculation that Trump may consider launching a strike before the midterm elections). U.S. Treasury yields remained elevated (the 30-year yield near 5.72%, and the 10-year yield around 5.3%), the dollar was relatively strong, and Fed meeting minutes indicated that another rate hike could still happen this year.
U.S. government wallet transfer: Approximately 12,267 BTC (about $1 billion) was transferred from a government wallet linked to the Bitfinex hack, raising concerns about supply.
Holders realized approximately $1.03 billion in profits, and the market saw large-scale long liquidations.
💫Flows:
U.S. spot Bitcoin ETFs saw net outflows of approximately $485 million, their largest single-day outflow since June, turning negative overall in October.
Perpetual futures funding rates were positive but moderate (around 0.003%–0.006% every 8 hours, or about 3%–7% annualized), not reaching extreme levels. Open interest fluctuated and declined before partially recovering. The share of long accounts remained relatively high (around 60%), but leverage eased following the liquidations.
💫Technical Analysis:
As I mentioned yesterday, we need to watch whether the price can hold above 83,400. If it cannot, it could still move lower. Yesterday, the price touched this level and then pulled back. It is currently ranging between 81,000 and 83,400. To sum up, unless it holds above 83,400, it could break below 81,000 and move toward 78,000. In my view, there is still room for the price to fall from here. Even if it does not fall further, it will need time to move sideways and recover.
So, to sum up, the price needs to move lower to find support. Most likely, it will range between 75,000 and 78,000.
$BTC