Markets
News
Analysis
User
24/7
Economic Calendar
Education
Data
- Names
- Latest
- Prev
【Bitfinex Report: As Bitcoin Spot Market Buying Slows Down, It Is Expected To Be Range-bound In The Short Term】 On September 23, Bitfinex Released A Report Saying, "Despite Bitcoin's Strong Performance, Bitcoin Has Not Yet Broken Through The Key High Of $65,200 On August 25. This Is Very Important Because If Bitcoin Fails To Break Through This Level, It Will Confirm A Pattern Since The All-time High Of $73,666 In March, That Is, Bitcoin Failed To Exceed Any Previous Highs And Formed A New Local Bottom, Maintaining A Downward Trend. In Other Words, On A Longer Time Scale, Bitcoin Has Been On A Downward Trend Since March.In Addition, Despite The Recent Price Increase, The Growth Of Bitcoin's Open Interest Has Exceeded The Increase In Bitcoin's Price Itself, Indicating That Last Week's Trend Came More From Futures And Perpetual Markets Than Spot Markets.At The Same Time, We Have Also Seen Some Altcoins Soar, With Some Well-known Tokens Rising By More Than $100 Billion Since Their Lows In August And September. 100%. However, Caution Is Warranted Here As Well, As Altcoin Open Interest Also Reached New Highs, But There Was No Corresponding Price Breakout Across The Altcoin Market As A Whole. The OTHERS Index, Which Measures The Performance Of Altcoins Outside The Top 10 By Market Cap, Has Continued To Fall Over The Past Month. With Bitcoin Spot Market Buying Slowing Down And Cumulative Spot Volume Increments Leveling Off At $63,500, We Expect Bitcoin To Remain Range-bound In The Near Term. Nevertheless, An Important Counter-argument Is That Continued ETF Inflows Could Boost Bitcoin Prices. Last Week, Spot Bitcoin ETFs Recorded New Inflows Of $397.2 Million. This Suggests That Bitcoin Still Has The Potential To Rise Further If Traditional Financial Markets Such As The S&P 500 Continue To Rise. If Bitcoin Breaks Above 8 This Could Propel Its Price To New Highs, Especially As The Summer Period Of Low Liquidity Ends. However, Without Sustained Spot Buying, Bitcoin Is Most Likely To See Consolidation Or A Partial Pullback. ”
Quick access to 24/7
Quick access to more editor-selected real-time news
Exclusive video for free
FastBull VIPject team is dedicated to create exclusive videos
Follow More Symbols
You can add more symbols to your watchlist.
More comprehensive macro data and economic indicators
More comprehensive historical data on indicators to help analyze macro markets
Member-only Database
Comprehensive forex, commodity, and equity market data