Bitcoin tagged 84,168 this morning and lost the level within the hour. The detail worth reading is what did not happen next: open interest never moved.
The range first. The last twenty four hours ran 81,033 to 84,168, a 3.9% swing top to bottom, and price sits at 83,622, up 0.07%. A full round trip for no net change.
Now the leverage. Open interest on the perpetual was 94,052 BTC a day ago and is 94,090 now, a 0.04% difference. Volume on the main pair was 1,264.2 million against a 1,291.4 million thirty day average, so 0.98 times a normal session, spread over 3.03 million trades. A 3,100 point swing on average volume with flat open interest is rotation in spot, not new leverage arriving.
Positioning says the same thing from the other side. The long short account ratio ran 1.47, 1.49, 1.50, 1.45, 1.29 over the last twenty hours, so accounts trimmed longs into the strength instead of adding to it. Taker flow turned with the price: the buy sell ratio printed 1.15, 1.26, 1.21 and then 0.84, 0.97, 0.75 as the 84K test failed. Funding is 0.0083%, flat.
The cost of that flat Bitcoin tape shows up elsewhere. Total crypto market cap is down 3.67% over the same twenty four hours while $BTC is unchanged, and dominance sits at 59.8%. The three most searched assets on this platform right now are down 3.5%, 11.5% and 4.8% on the day. Bitcoin is the only line on that list that did not move.
Where that leaves the chart. The thirty day high is 87,396 and price is 4.2% under it. 84,168 is the level that just rejected, the last swing low is 81,033, and the thirty day return is still positive at 8.6%.
Follow for daily breakdowns on what moves and why.
#BitcoinSurpasses$84K #BTC #bitcoin #altcoins #crypto
The range first. The last twenty four hours ran 81,033 to 84,168, a 3.9% swing top to bottom, and price sits at 83,622, up 0.07%. A full round trip for no net change.
Now the leverage. Open interest on the perpetual was 94,052 BTC a day ago and is 94,090 now, a 0.04% difference. Volume on the main pair was 1,264.2 million against a 1,291.4 million thirty day average, so 0.98 times a normal session, spread over 3.03 million trades. A 3,100 point swing on average volume with flat open interest is rotation in spot, not new leverage arriving.
Positioning says the same thing from the other side. The long short account ratio ran 1.47, 1.49, 1.50, 1.45, 1.29 over the last twenty hours, so accounts trimmed longs into the strength instead of adding to it. Taker flow turned with the price: the buy sell ratio printed 1.15, 1.26, 1.21 and then 0.84, 0.97, 0.75 as the 84K test failed. Funding is 0.0083%, flat.
The cost of that flat Bitcoin tape shows up elsewhere. Total crypto market cap is down 3.67% over the same twenty four hours while $BTC is unchanged, and dominance sits at 59.8%. The three most searched assets on this platform right now are down 3.5%, 11.5% and 4.8% on the day. Bitcoin is the only line on that list that did not move.
Where that leaves the chart. The thirty day high is 87,396 and price is 4.2% under it. 84,168 is the level that just rejected, the last swing low is 81,033, and the thirty day return is still positive at 8.6%.
Follow for daily breakdowns on what moves and why.
#BitcoinSurpasses$84K #BTC #bitcoin #altcoins #crypto