Crypto analyst @AxelAdlerJr said Bitcoin’s futures-market buy-pressure indicator has risen to 4.9, its highest reading since Aug. 19. He also said open interest increased by nearly 9,000 BTC over the past 24 hours. According to the analyst, the latest reading shows that cumulative buying pressure over the last 12 hours was nearly five standard deviations above the average level seen over the previous week. AxelAdlerJr added two price levels to watch: if Bitcoin holds above $85,000 even as upward momentum weakens, the rally may continue; if the price falls below $83,000, liquidation of newly opened long positions could accelerate the decline. The remarks were cited by ChainCatcher in a market analysis update.
Crypto analyst @AxelAdlerJr said Bitcoin’s futures-market buy-pressure indicator climbed to 4.9, the highest level since Aug. 19.
He also said open interest increased by nearly 9,000 BTC over the past 24 hours. According to his reading of the data, cumulative buying pressure over the last 12 hours came in nearly five standard deviations above the average level of the previous week.
Key price levels
@AxelAdlerJr said the rally may continue if Bitcoin stays above $85,000 even as upside momentum weakens. If the price drops below $83,000, liquidation of newly opened long positions could speed up the decline.
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