The fall in the Bitcoin course coincided with the increase in financing rates and a decrease in the use of the credit shoulder in the futures markets, which indicates the depletion of potential to maintain speculative demand, noted in Glassnode.
In particular, market participants selling Leveridge moved to cautious strategies, as they were faced with the elimination of futures rates worth about $ 940 million. Of which more than $ 800 million were long for long positions.
Despite the fact that the number of active bitcoin addresses per day fell to a record low mark 692,000, the total open interest in BTC remains high and approaches historical maximums.
At the same time, from a technical point of view, the current Bitcoin price is slightly higher than the key support levels, since the weekly schedule indicates an average support level of $ 97,094 and a critical resistance level of $ 117 058.
According to Glassnode, August and September have always been difficult months for bitcoin. However, October and November, according to analysts, are traditionally among the most powerful months when a new growth cycle of flagship cryptocurrency can begin.
On the eve of the analysts of the Cryptoquant onchain platforms, the speculative investors who bought bitcoins against the background of its take-off began to massively sell cryptocurrency and record losses.
Source: Bits
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