Bitcoin Struggles to Break Higher as ETF Demand Weakens: Bitfinex Alpha
đ Bitcoin (BTC) is currently trading around $84,000, struggling to surpass its yearly open of $87,700, with future price movements reliant on renewed spot demand rather than futures leverage.
đ Futures open interest has dropped significantly, indicating lower leverage, while spot demand has weakened, with Bitcoin ETFs experiencing a drastic decline in net inflows from $2.39 billion to just $241.1 million.
đ Key price levels are critical, with $86,000 seen as a pivotal point; a drop below $82,600 could lead to losses for ETF holders, while stronger inflows could push BTC towards $90,000.
đ Bitcoin (BTC) is currently trading around $84,000, struggling to surpass its yearly open of $87,700, with future price movements reliant on renewed spot demand rather than futures leverage.
đ Futures open interest has dropped significantly, indicating lower leverage, while spot demand has weakened, with Bitcoin ETFs experiencing a drastic decline in net inflows from $2.39 billion to just $241.1 million.
đ Key price levels are critical, with $86,000 seen as a pivotal point; a drop below $82,600 could lead to losses for ETF holders, while stronger inflows could push BTC towards $90,000.