$BTC printed 80,394 today, its weakest level since September 20.
Live numbers:
Price: 81,818 USD
24h: -1.8%, high 83,521, low 80,394
7d: -3.6%
30d: +4.3%
Market cap: 1.64T USD
24h volume: 42.5B USD
The move is three sessions old. October 5 topped at 86,999, the sixth failed attempt at that ceiling since September 21. Then a close at 85,550, then 83,322, then today's low at 80,394. That is 7.6% from the high of the week to the low of today, and it took out the 82,563 shelf that had held since September 20.
Volume says the sellers actually showed up. The main USDT pair did 1,670M USD today and 1,745M yesterday against a 1,320M average over the previous 30 days, so two consecutive sessions running about 30% above normal.
Positioning is the part that has not adjusted. Funding on the main perpetual market is flat at 0.00%, and the long short account ratio sits at 1.92, so accounts are still close to two to one long after a 7.6% drawdown. Nobody has been forced out yet, and that is usually what a low needs before it holds.
Levels. Below price: 80,394, today's low, then 80,126 from September 20. Above price: 83,521, then 85,598.
Context: BTC is 35.2% below its all time high of 126,080, set on October 6 last year.
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Live numbers:
Price: 81,818 USD
24h: -1.8%, high 83,521, low 80,394
7d: -3.6%
30d: +4.3%
Market cap: 1.64T USD
24h volume: 42.5B USD
The move is three sessions old. October 5 topped at 86,999, the sixth failed attempt at that ceiling since September 21. Then a close at 85,550, then 83,322, then today's low at 80,394. That is 7.6% from the high of the week to the low of today, and it took out the 82,563 shelf that had held since September 20.
Volume says the sellers actually showed up. The main USDT pair did 1,670M USD today and 1,745M yesterday against a 1,320M average over the previous 30 days, so two consecutive sessions running about 30% above normal.
Positioning is the part that has not adjusted. Funding on the main perpetual market is flat at 0.00%, and the long short account ratio sits at 1.92, so accounts are still close to two to one long after a 7.6% drawdown. Nobody has been forced out yet, and that is usually what a low needs before it holds.
Levels. Below price: 80,394, today's low, then 80,126 from September 20. Above price: 83,521, then 85,598.
Context: BTC is 35.2% below its all time high of 126,080, set on October 6 last year.
Follow me for daily market breakdowns.
#bitcoin #btc #crypto #altcoin #defi