Bitcoin futures buy pressure has climbed to its highest reading since Aug. 19, according to crypto analyst AxelAdlerJr, who said the indicator reached 4.9. He also said open interest in Bitcoin futures contracts increased by nearly 9,000 BTC over the past 24 hours, pointing to a notable pickup in positioning activity.
AxelAdlerJr said the latest reading means cumulative buy pressure over the past 12 hours stood nearly five standard deviations above the average level seen over the previous week. He also outlined two price levels he is watching. If Bitcoin holds above $85,000 even as upward momentum weakens, the current advance may continue. If the price falls below $83,000, liquidation of newly opened long positions could speed up the decline.
The comments were carried by Odaily in a market analysis newsflash published on Oct. 2.
Bitcoin futures buy pressure rose to 4.9, the highest level since Aug. 19, according to crypto analyst AxelAdlerJr, as cited by Odaily.
He also said open interest in Bitcoin futures contracts increased by nearly 9,000 BTC over the past 24 hours.
Indicator reading and price levels
AxelAdlerJr said the reading means cumulative buy pressure over the last 12 hours was nearly five standard deviations above the average level of the previous week.
He added that if Bitcoin stays above $85,000 even as upside momentum weakens, the rally may continue. If the price drops below $83,000, closing of newly opened long positions could accelerate the decline.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
