The cryptocurrency market wilt early Monday, with losses in Bitcoin ether (Eth) and other important cryptocurrencies that trigger the liquidation of leverage bets worth $ 1.5 billion.
The decrease followed an allegedly mobile Fed interest rate cut, which was expected to send the lowest and most risks of the cryptography markets.
“In recent days, there have been several signs of a change to a downward trend in the first cryptocurrency,” said Alex Kuptsikevich, FXPro Market Chief Analyst, in an email. “Btcusd fell from the ascending channel that had been in place since the beginning of September, fell below horizontal support and fell well below the 50 -day mobile average.
“This combination of negative signals suggests that a greater decrease is likely unless there is a fundamental change in the feeling of the financial market.”
Derivative positioning
By Omkar Godbole
- The 20 main tokens, except BTC and Hype, have seen two -digit decreases in the open interest of the futures as price drops shake overlapping bets.
- The shorts seem to intervene through USDT futures that are quoted in Binance, since OI has increased to 276k BTC of 270K along with financing rates close to zero in the last two hours.
- TRX, ADA, Link, Ton, Ton, Uni and Futures of 1000Shib that are quoted in Binance are remarkably negative, indicating a bias for low and short positions. Financing rates for other specialties, including BTC, are flatly positive.
- BTC Front-Month futures at the CME are still negotiated with a premium of approximately $ 100 at the spot price. Merchants must take into account a potential change in discount for signs of strengthening sales pressure.
- In Delibit, premiums in relation to calls have shot themselves, since the price falls the demand for downward protection.
- The feeling in the XRP and Sol options has also turned, aligning with the BTC and ETH markets.
Token talk
By Oliver Knight
- Several Altcoins received two -digit movements to the disadvantage on Monday, with the tastes of Pump, Ray, CRV and TIA sliding to the lowest in more than a month.
- The liquidation worsened in a liquidation waterfall of $ 1.6 billion, with $ 500 million in ether (Eth) commercial couples, according to Coinglass.
- Financing rates for Ether turned negative, which means that short merchants are paying to maintain their position, demonstrating a change in the feeling after the ETH rally of $ 2,400 at the beginning of July to $ 4,831 at the end of August.
- It is worth noting that cryptographic specialties such as BTC, ETH and Sol are now at respective support levels and, as the feeling turned, a recovery could be organized so that merchants are too aggressive in short positions.
- The average relative force index of Token crypto (RSI) It is also at 28.4 of 100, indicating strongly overendary conditions that will probably lead to a relief rally, unless ETH and BTC break their support levels.
