Bitfinex Alpha said Bitcoin has traded sideways between $77,100 and $81,300 over the past 20 trading days, with the current price sitting near the lower end of that range at a key support level. The report said a break above $81,300 could open the way for a quick move to $86,500 because of a volume gap overhead. Ahead of the Federal Reserve’s rate decision, options market protection has shifted to contracts expiring on Sept. 18. Bitfinex also said Bitcoin volatility has eased while altcoins have turned more active. All 29 large-cap tokens tracked in the report posted gains last week, led by Polkadot at 43% and Zcash at 42%. The report added that open interest in altcoin perpetual contracts exceeded Bitcoin for the first time this week, a setup that has historically coincided with pullback risk.
Bitfinex Alpha said Bitcoin has moved sideways between $77,100 and $81,300 over the past 20 trading days, with the current price nearing key support at the bottom of that range.
According to the report, a break above $81,300 could send Bitcoin quickly toward $86,500 because of a volume gap above that level.
Options hedging shifted to Sept. 18 expiry
Ahead of the Federal Reserve’s rate decision, protection in the options market has moved to contracts expiring on Sept. 18, the report said.
Altcoins show stronger activity
The report also said Bitcoin volatility has declined while altcoins have stayed active. All 29 major tokens tracked rose last week, with Polkadot up 43% and Zcash up 42%.
Open interest in altcoin perpetual futures also moved above Bitcoin for the first time this week. Bitfinex said similar conditions have historically been associated with pullback risk.
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