On Friday, the expiration of the nearest contracts will take place on the crypto derivatives market, which could be a catalyst for a correction to the lows over the past two weeks. Before it began, traders had time to hit their hardest, reacting to the screaming headlines in the media, but the big players were able to cool this impulse by pushing the shoulder players to liquidations.
According to Bybt, their volume was the maximum since September 19, $810 million, and the largest part of them fell on the morning 40-minute segment. The decline in prices also made those who purchased bitcoin over the past 155 days nervous – the STH SOPR indicator showed profit-taking. At Binance and Huobi, the financing rates for perpetual contracts have experienced a sharp decline, but are above neutral levels.
According to the layout on the options market, the greatest open interest focused on $60,000 for bitcoin and $4,000 for Ethereum, which is close to the established levels. A positive moment that can reduce the level of overbought on long timeframes and support the sales of the impatient, which will further unload the level of leverage in the system. At the same time, the absence of an update of the minima will be a positive signal, since it will indicate the failure of the head-shoulders figure, the breakdown of the neck of which indicates further downward movement. The longs collected near $58,000, which can be knocked out by a wave of triggering stop orders, will not be at risk either.
The medium-term situation remains in favor of continuing the growing trend
These are on-chain statistics indicating low values of the available supply due to the position of miners and holders and a favorable macroeconomic background with inflation getting out of control, which makes one think of bitcoin as a hedge asset. Launching an ETF will allow investors from traditional financial markets to solve this issue, although it is more expensive compared to buying on the same Coinbase (NASDAQ:COIN). The application of the American bitcoin exchange has become the most popular in the AppStore. In the description, SHIB is adjacent to ETH and BTC, where Pump continued, which brought the coin into the top 10. The capitalization of $70 billion exceeded the total value of Societe Generale (PA:SOGN) and Deutsche Bank (DE:DBKGn), which can hardly be considered healthy. But the HYPE still remains, but it will end the same way as with DogeCoin. But playing ahead of the curve is fraught.