The 38th week of the year is historically the third week of action for Bitcoin, averaging a yield of -2.25%. Only week 28 (-2.78%) and week 14 (-3.91%) They have historically weak, according to Coinglase data.
This week, Bitcoin has already dropped almost 2%, quoting around $ 113,000, with the monthly September options pointing at a maximum pain level of $ 110,000, according to Decit, this could imply a greater inconvenience.
Max Pain refers to the exercise price in which the largest number of options hires (Call and Put) Expirate without value, effectively maximizing losses for options for options.
In addition, market enthusiasm has vanished. Perpetual financing rates for Bitcoin, which measure the continuous cost of maintaining long or short positions leverage in perpetual futures contracts, have fallen to 4%, one of their lowest levels in a month.
A low positive financing rate suggests a reduced demand for leverage long exposure, often pointing out that the speculative foam in the market has cooled.
While implicit volatility (IV)which reflects market expectations for future price changes, it is also close to historical minimums to 37.
Despite the weekly fall, Bitcoin remains 4% higher in September and 6% more for the quarter. With approximately 14 remaining weeks in the year and most of those weeks historically produce positive yields, this can represent calm before potential volatility.
Meanwhile, Gold has continued his impressive rally, climbing another 1% on Tuesday and now more than 42% higher to date, which continues to take the bitcoin sting.
Another factor that weighs in Bitcoin’s feeling is the mass gains in artificial intelligence and high performance computer stocks, for example, Iran (Iren)which may have removed a bright Bitcoin in the short term.
