The cryptocurrency market faded early on Monday, with bitcoin losses ether (Eth) And other major cryptocurrencies triggering the liquidation of leverage of $ 1.5 billion.
The decline followed a allegedly dominant interest rate drop, which was to send the dollar index lower and encourage more risks to the cryptographic markets.
“In recent days, there have been several signals of a drop in a downward trend in the first cryptocurrency,” said Alex Kuptsikevich, chief analyst in the FXPro, in an email. “BTCUSD fell from the ascending canal which had been in place since the beginning of September, fell below horizontal support and fell sharply below the 50 -day mobile average.
“This combination of negative signals suggests a new decline is likely unless there is a fundamental change in the feeling of the financial market.”
Positioning of derivatives
By Omkar Godbole
- The 20 best tokens, with the exception of BTC and media threshing, saw two -digit decreases in the open interest in the long term while the price drops the bets caused.
- Shorts seem to intervene via USDT term contracts classified by Binance, because OI has increased to 276K BTC, against 270K alongside financing rate almost zero in the last two hours.
- The funding rates in TRX, ADA, Link, Ton, Uni and Binance Cished 1000Shib Futures are in particular negative, indicating a bias for short bearish positions. Funding rates for other majors, including BTC, are stable to slightly positive.
- The term contracts on the month of the BTC on the CME are still negotiated at a bonus of around $ 100 at cash price. Merchants must monitor a potential transfer in the delivery for signs of strengthening the sales pressure.
- Drilling, put the premiums in relation to calls, because the price drops in strengthening the downward protection demand.
- The feeling in XRP and Sol options also overthrew Bearish, aligning with the BTC and ETH markets.
Talk about tokens
By Oliver Knight
- A certain number of altcoins were treated with two figures down on Monday, with Pump, Ray, Crv and Tia who all slipped to their lowest in more than a month.
- The sale was aggravated by a liquidation cascade of $ 1.6 billion, with $ 500 million on ether (Eth) Trading pairs, according to Coinglass.
- The financing rates for Ether Flipped negatives, which means that short traders pay to hold their position, demonstrating a change of feeling after the ethn gathering of $ 2,400 at the beginning of July at $ 4,831 at the end of August.
- It should be noted that crypto majors like BTC, ETH and Sol are now at respective support levels and that feeling has changed, a recovery could be staged to target traders that are too aggressive in short positions.
- The medium crypto token resistance index (RSI) It is also 28.4 out of 100, indicating highly occurred conditions which will probably lead to a rescue rally, unless ETH and BTC break their levels of support.
