Bitcoin broke out of the $82,500–$85,700 range where it had been stuck for about a week, rising to $86,913. This level marks the highest price BTC has seen since September 23rd. Bitcoin has t
Bitcoin broke out of the $82,500–$85,700 range where it had been stuck for about a week, rising to $86,913. This level marks the highest price BTC has seen since September 23rd. Bitcoin has thus risen by approximately 14.6% from its low of $74,968 reached on September 15th.
QCP Capital noted that the rise was supported by spot market purchases rather than highly leveraged futures contracts. The fact that the annualized funding rate in perpetual futures contracts remained at 5.4 percent indicates that there was no excessive accumulation of long positions in the market.
However, the company argued that the fact that the rise was largely dependent on specific fund flows made the market structure fragile. Bitcoin’s strength, despite the rise in US 10-year Treasury yields to 5.29%, allowed BTC to diverge from gold and other macro assets.
From a technical perspective, $87,400 stands out as a key resistance point for September. Analysts believe that a break above this level could bring $90,000 into play. On the downside, the $82,500 support level, which has held three times in the last week, is of critical importance.
*This is not investment advice.
Continue Reading: Bitcoin’s Rally Brings a Smile: Will It Reach $90,000? Here’s What the Experts Say
