{"id":17281,"date":"2024-09-25T19:38:16","date_gmt":"2024-09-25T16:38:16","guid":{"rendered":"https:\/\/forklog.com\/en\/bitfinex-identifies-key-factor-for-bitcoin-price-support\/"},"modified":"2024-09-25T19:38:16","modified_gmt":"2024-09-25T16:38:16","slug":"bitfinex-identifies-key-factor-for-bitcoin-price-support","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitfinex-identifies-key-factor-for-bitcoin-price-support\/","title":{"rendered":"Bitfinex Identifies Key Factor for Bitcoin Price Support"},"content":{"rendered":"<p>For bitcoin prices to maintain sustainable long-term growth, they must consolidate above the August peak of $65,200. This conclusion was reached by Bitfinex analysts in their <a href=\"https:\/\/blog.bitfinex.com\/wp-content\/uploads\/2024\/09\/Bitfinex-Alpha-123-1.pdf\">report<\/a>.<\/p>\n<p>According to their assessment, September&#8217;s rally in digital gold was primarily driven by derivatives trading activity amid weak demand in the spot market.<\/p>\n<p>Open interest in bitcoin products outpaced price growth. A key indicator \u2014 the delta of aggregate volume on the spot market \u2014 leveled off after the asset reached $63,500. Experts considered this a &#8220;troubling signal.&#8221; It indicates widespread use of leverage, increasing the likelihood of a short-term correction.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We advocate for a cautious approach following the 22% rally we observed in BTC. It is quite possible that the price could form a new range near current quotes and consolidate for some time, as we have seen in previous periods,&#8221; the experts stated.<\/p>\n<\/blockquote>\n<p>In their view, a positive factor is the &#8220;multi-day net positive flow&#8221; into bitcoin ETFs. The influx of liquidity into these products could balance the weak buyer activity in the spot market, Bitfinex analysts believe.<\/p>\n<p>At the time of writing, digital gold has been trading roughly in the range of $63,000-$64,000 since September 19.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"619\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/BTCUSDT_2024-09-25_19-17-36-1024x619.png\" alt=\"BTCUSDT_2024-09-25_19-17-36\" class=\"wp-image-241964\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/BTCUSDT_2024-09-25_19-17-36-1024x619.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/BTCUSDT_2024-09-25_19-17-36-300x181.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/BTCUSDT_2024-09-25_19-17-36-768x464.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/BTCUSDT_2024-09-25_19-17-36.png 1324w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Four-hour BTC\/USDT chart from Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/?exchange=BINANCE\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>Earlier, QCP Capital suggested a positive impulse for the crypto market from anticipated economic stimulus measures in China.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For bitcoin prices to maintain sustainable long-term growth, they must consolidate above the August peak of $65,200. This conclusion was reached by Bitfinex analysts in their report. According to their assessment, September&#8217;s rally in digital gold was primarily driven by derivatives trading activity amid weak demand in the spot market. Open interest in bitcoin products [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17280,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[95,1145,1138],"class_list":["post-17281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitfinex","tag-market-analysis","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17281","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=17281"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17281\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/17280"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=17281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=17281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=17281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}