Bitcoin's Federal Aid Wanes as it Trades in the Pivotal $116,000 - $118,000 Range
In the ever-evolving world of cryptocurrencies, here are some noteworthy updates for our paying subscribers.
Binance Coin (BNB) made a significant stride, briefly touching a record high of $1,004 intraday. This surge comes amidst a broader market recovery.
As we approach the September 26 expiry, options open interest for Bitcoin (BTC) stands at a record 500,000 BTC. This suggests a heightened level of activity in the derivatives market, indicating potential volatility in the near future.
Last week, on September 18, 20XX, the cryptocurrency market witnessed substantial inflows. Specifically, Ethereum spot ETFs added $213 million, and Bitcoin spot ETFs added $163 million. The institution driving these inflows was BlackRock, through its iShares Bitcoin Trust (IBIT) and Ethereum fund (ETHA).
The price of BTC is currently trading between $116,800 (near-term support) and $118,000 (overhead resistance). While this range indicates a stable market, profit-taking risk is elevated due to the current price structure of BTC.
Meanwhile, BTC saw the second-largest inflow to accumulation addresses in 2021, hinting at a growing interest and confidence in the leading cryptocurrency.
The Altcoin Season Index is currently at 80, indicating that the 'altseason' persists. This could mean a potential shift in focus towards alternative cryptocurrencies. Notably, the structure of various altcoins, such as Binance Coin (BNB) and Solana (SOL), is outperforming, suggesting promising opportunities in these sectors.
However, it's important to note that profit-taking risk is elevated due to the current price structure of BTC. Perpetual open interest for BTC has pulled back to ~380,000 BTC, indicating a potential reduction in leverage positions.
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