#goodnews1
Bitcoin Faces Deeper Reset Risk as Bitfinex Warns of $70K Drop
Bitcoin Faces a $75,717 Recovery Test
Crypto exchange Bitfinex warned Nov. 11 that bitcoin risked a deeper reset, meaning a prolonged decline, after four days below its $75,717 short-term holder cost basis. That level represented the estimated average acquisition price of coins held for fewer than 155 days. Regaining it was central to the exchange’s recovery assessment.
Among 14 comparable episodes since 2016, bitcoin regained the threshold within two weeks in 11 cases; three took 57 to 114 days. The current break began Nov. 8, making Nov. 22 the two-week checkpoint. Bitfinex stated:
“Rallies towards the short-term holder cost basis at $75,717 are likely to be sold until spot demand returns.”
Prices rebounded above $74,600 around 12:25 p.m. EST on Nov. 11, remaining below that threshold. Bitcoin eased to $74,157 by 5:35 p.m. EST, up 0.68% over 24 hours but down 7.15% over the week, 10.42% over the month, and 27.68% over the year.
Bitcoin traded below the short-term holder cost basis after Nov. 8, while the chart showed a $71,600-$75,800 options-implied range for Nov. 13. Source: Bitfinex Alpha; Bitfinex; Checkonchain; Deribit.
Futures Positions Rise as Buyers Realize Losses
Aggregate futures open interest, the total exposure in contracts still open and unsettled, reached 701,900 $BTC around the Nov. 11 daily open. Exposure rose 3.3% from Nov. 8 while prices declined 2.6%, reinforcing bitcoin derivatives pressure. Bitfinex warned that continued bullish positioning increased the risk of forced selling.
A measure dividing recent holders’ sale proceeds by acquisition costs reached 0.989 on Nov. 10, equivalent to receiving 98.9 cents per dollar spent. Separately, 1.6 million $BTC bought between $75,000 and $80,000 was underwater, meaning worth less than its purchase price. Those holdings could create selling pressure during rebounds.#Write2Earn #BTC $BTC
Bitcoin Faces Deeper Reset Risk as Bitfinex Warns of $70K Drop
Bitcoin Faces a $75,717 Recovery Test
Crypto exchange Bitfinex warned Nov. 11 that bitcoin risked a deeper reset, meaning a prolonged decline, after four days below its $75,717 short-term holder cost basis. That level represented the estimated average acquisition price of coins held for fewer than 155 days. Regaining it was central to the exchange’s recovery assessment.
Among 14 comparable episodes since 2016, bitcoin regained the threshold within two weeks in 11 cases; three took 57 to 114 days. The current break began Nov. 8, making Nov. 22 the two-week checkpoint. Bitfinex stated:
“Rallies towards the short-term holder cost basis at $75,717 are likely to be sold until spot demand returns.”
Prices rebounded above $74,600 around 12:25 p.m. EST on Nov. 11, remaining below that threshold. Bitcoin eased to $74,157 by 5:35 p.m. EST, up 0.68% over 24 hours but down 7.15% over the week, 10.42% over the month, and 27.68% over the year.
Bitcoin traded below the short-term holder cost basis after Nov. 8, while the chart showed a $71,600-$75,800 options-implied range for Nov. 13. Source: Bitfinex Alpha; Bitfinex; Checkonchain; Deribit.
Futures Positions Rise as Buyers Realize Losses
Aggregate futures open interest, the total exposure in contracts still open and unsettled, reached 701,900 $BTC around the Nov. 11 daily open. Exposure rose 3.3% from Nov. 8 while prices declined 2.6%, reinforcing bitcoin derivatives pressure. Bitfinex warned that continued bullish positioning increased the risk of forced selling.
A measure dividing recent holders’ sale proceeds by acquisition costs reached 0.989 on Nov. 10, equivalent to receiving 98.9 cents per dollar spent. Separately, 1.6 million $BTC bought between $75,000 and $80,000 was underwater, meaning worth less than its purchase price. Those holdings could create selling pressure during rebounds.#Write2Earn #BTC $BTC
