Tag: strengthening

The post Bitcoin Price Wilts After First Red October Since 2018 appeared com. Bitcoin BTC$106 895, 88 is trading under pressure after registering its first October loss since 2018. Charts indicate growing risk of a deeper decline to $100,000 or below, with consistent bias for put options in the options market. The broader market continues to see capital outflows, as is evident from the decline in futures open interest. According to Alex Kuptsikevich, the chief market analyst at The FxPro, the focus is on BTC’s 200-day simple moving average at around $107,000. “The ongoing testing of support since the second half of October is a significant reason for our caution regarding the market in the near term,” he said in an email. “The most pessimistic scenario would be realised in the event of simultaneous pressure on the stock markets and a strengthening of the dollar. But optimists may also note the sequence of higher lows at the peaks of the sell-off.” Derivatives Positioning By Omkar Godbole BTC and ETH futures open interest (OI) remained largely unchanged in the past 24 hours, while OI in altcoins, including XRP, HYPE and DOGE dropped, indicating capital outflows from the broader market. However, the OI-normalized cumulative volume delta for BTC and ETH has declined in tandem with the broader market, suggesting that a bias towards short positions has driven the OI higher. Volmex’s bitcoin and ether 30-day volatility indexes are on the rise again, pointing to renewed expectations for price turbulence. On the CME, BTC and ETH’s annualized three-month basis remains locked below 10%. Positioning in ether futures and options remains elevated relative to bitcoin. On Deribit, BTC and ETH options show a bias for put options in the short- and near-dated expiries. Token Talk By Oliver Knight A woeful week of price action extended Monday with altcoins including ENA$0. 3418, doublezero (2Z) and plasma XPL$0. 2740 all facing heavy sell.