$BMT 24 hours +26.47%. This four-hour candle opened at 0.024, surged to 0.0289, and closed at 0.02637, 8.75% below the high; the gains are still there, but it has already given back the intraday high.
The readings on the perpetuals side tell a different story: the funding rate is -0.7691%, and the mark price is 0.02565107, 2.91% below the spot price of 0.02642. Spot pushed higher throughout, while the price on the perpetuals side stayed below spot. The two have not converged.
For this move to count as a true breakout, price first needs to close above 0.0289 and hold there; if 0.02392 breaks again, the entire move in this four-hour candle will have been given back. On the other hand, 24-hour trading volume is about 12.19 million USDT. A move of this magnitude can happen in an hour—and be given back in an hour, too. At the 04:00 Taipei time settlement, whether the reading moves away from -0.7691% is the next point to watch on the cost side.
#MarketAnalysis
The readings on the perpetuals side tell a different story: the funding rate is -0.7691%, and the mark price is 0.02565107, 2.91% below the spot price of 0.02642. Spot pushed higher throughout, while the price on the perpetuals side stayed below spot. The two have not converged.
For this move to count as a true breakout, price first needs to close above 0.0289 and hold there; if 0.02392 breaks again, the entire move in this four-hour candle will have been given back. On the other hand, 24-hour trading volume is about 12.19 million USDT. A move of this magnitude can happen in an hour—and be given back in an hour, too. At the 04:00 Taipei time settlement, whether the reading moves away from -0.7691% is the next point to watch on the cost side.
#MarketAnalysis
