$BMT In the previous post, I left the 08:00 settlement as a point to watch. The reading is in: -0.9568%, further into negative territory than the -0.8031% at the time, and nowhere near the zero line.
Price action is more straightforward. The high for this hour was 0.02909, 0.66% above the 0.0289 threshold. It closed at 0.02787, back below that threshold by 3.56%, and 4.19% off the hourly high. The second time it knocked on the same door, it even made it above the threshold—but still couldn’t hold on.
Spot has climbed 6.70% from 0.02612 in the previous post, up 29.69% over 24 hours. The mark price is 0.02666, and its discount to spot has widened again from 1.77% to 4.34%. The closer the price gets to that threshold, the farther the contracts pull away—that’s the biggest imbalance in this move.
Trading volume was about 15.52 million USDT, 12.1% higher than the 13.85 million at the time of the previous post. Volume is back, but it hasn’t been enough to secure a close above the threshold.
The lows have risen for three consecutive candles: 0.02392, 0.02504, and 0.02601. So we can’t say the trend has turned bad yet; only that it failed to clear that upper threshold for the second time. To say it has truly moved past it, it first needs to close above 0.0289 and hold there. If 0.02392 breaks again, the whole move is given back.
#MarketAnalysis
Price action is more straightforward. The high for this hour was 0.02909, 0.66% above the 0.0289 threshold. It closed at 0.02787, back below that threshold by 3.56%, and 4.19% off the hourly high. The second time it knocked on the same door, it even made it above the threshold—but still couldn’t hold on.
Spot has climbed 6.70% from 0.02612 in the previous post, up 29.69% over 24 hours. The mark price is 0.02666, and its discount to spot has widened again from 1.77% to 4.34%. The closer the price gets to that threshold, the farther the contracts pull away—that’s the biggest imbalance in this move.
Trading volume was about 15.52 million USDT, 12.1% higher than the 13.85 million at the time of the previous post. Volume is back, but it hasn’t been enough to secure a close above the threshold.
The lows have risen for three consecutive candles: 0.02392, 0.02504, and 0.02601. So we can’t say the trend has turned bad yet; only that it failed to clear that upper threshold for the second time. To say it has truly moved past it, it first needs to close above 0.0289 and hold there. If 0.02392 breaks again, the whole move is given back.
#MarketAnalysis
