Bitfinex Alpha said Bitcoin has traded sideways for the past 20 sessions in a $77,100 to $81,300 range, with the current price sitting close to key support near the lower end of that band. The report said a break above $81,300 could send Bitcoin quickly toward $86,500 because of a volume gap overhead. Ahead of the Federal Reserve’s rate decision, options traders have shifted downside protection to contracts expiring on Sept. 18. The report also said Bitcoin volatility has eased while altcoins have turned more active. All 29 major tokens tracked in the report posted gains last week, led by Polkadot with a 43% rise and Zcash with a 42% gain. At the same time, open interest in altcoin perpetual futures moved above Bitcoin for the first time this week. Bitfinex Alpha noted that similar setups have historically coincided with a higher risk of market pullbacks.
Bitfinex Alpha said Bitcoin has spent the past 20 trading sessions moving sideways between $77,100 and $81,300, with the current price nearing key support at the lower end of that range.
The report said that if Bitcoin breaks above $81,300, a volume gap above that level could push the price quickly toward $86,500.
In the options market, traders shifted protective positioning to contracts expiring on Sept. 18 ahead of the Federal Reserve’s rate decision.
The report also said Bitcoin volatility has declined, while altcoins have stayed active. All 29 large-cap tokens tracked in the report rose last week, with Polkadot up 43% and Zcash up 42%.
Bitfinex Alpha added that open interest in altcoin perpetual futures surpassed Bitcoin for the first time this week. Historically, the report said, similar conditions have often come with a higher risk of market pullbacks.
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