{"id":644076,"date":"2024-09-24T00:30:30","date_gmt":"2024-09-24T00:30:30","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=644076"},"modified":"2024-09-23T15:33:54","modified_gmt":"2024-09-23T15:33:54","slug":"bitcoin-jumps-22-post-fed-rate-cut-yet-key-resistance-sparks-crash-fears-bitfinex","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-jumps-22-post-fed-rate-cut-yet-key-resistance-sparks-crash-fears-bitfinex\/","title":{"rendered":"Bitcoin Jumps 22% Post-Fed Rate Cut, Yet Key Resistance Sparks Crash Fears &#8211; Bitfinex"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin (BTC), the world&#8217;s largest cryptocurrency, has rallied over 22% in the past two weeks to trade at around $63,200, following a significant drop to $52,000 on September 6. This is the highest level BTC has reached in almost two months.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Critical Resistance At $65,200 Looms<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to a recent <\/span><a href=\"https:\/\/blog.bitfinex.com\/wp-content\/uploads\/2024\/09\/Bitfinex-Alpha-123-1.pdf\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">report <\/span><\/a><span style=\"font-weight: 400\">from digital asset trading platform Bitfinex, this price increase was largely driven by the Federal Reserve&#8217;s (Fed) <\/span><a href=\"https:\/\/www.shenyangcang.com\/breaking-news-ticker\/breaking-fed-cuts-rates-bitcoin-and-markets-react-with-a-bang\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">decision <\/span><\/a><span style=\"font-weight: 400\">to cut interest rates, which helped propel BTC to a new local high of $64,200 on September 20.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, despite this positive momentum, Bitcoin is still just below a critical resistance level of $65,200, established on 25 August. The report notes that a failure to breach this level could confirm a<\/span><a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/is-bitcoin-heading-for-a-bear-market-analysts-weigh-in-on-the-price-struggles\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> worrying trend<\/span><\/a><span style=\"font-weight: 400\"> that has characterized BTC&#8217;s price action since its all-time high of $73,666 in March.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/analysis\/matic-analysis\/polygon-matic-ascending-triangle\/\" target=\"_blank\" rel=\"noopener \">Polygon (MATIC) To Come back From The Dead As Ascending Triangle Appears<\/a><\/div>\n<p><span style=\"font-weight: 400\">Since that peak, Bitcoin has repeatedly struggled to break previous highs before forming new local lows, indicating a persistent <\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/ethereum\/ethereum-bullish-adoption-four-high-rate\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">downtrend<\/span><\/a><span style=\"font-weight: 400\">. This pattern of lower and lower highs is evident on the daily Bitcoin chart, suggesting that the cryptocurrency has been on a downward trajectory since mid-March.<\/span><\/p>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/JFjEopTH\/\" alt=\"Bitcoin\" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">The 1D chart shows BTC&#8217;s price downtrend and volatility experienced over the past months. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">As seen on the daily BTC\/USDT chart above, this repeated price action has been characterized by a sustained and continuous downtrend since the March peak.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Nonetheless, further <\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/dogecoin\/dogecoin-rise-3600-to-3-7\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">volatility <\/span><\/a><span style=\"font-weight: 400\">fueled by macroeconomic fears triggered another crash on August 5. BTC hit its lowest level in six months, down to the $49,000 level from the $70,000 level it had been trading at since late July.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">What Drove Bitcoin Recent Gains?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">One notable concern that Bitfinex finds is the discrepancy between BTC\u2019s price gains and open interest in future markets. As BTC rose, open interest rose even faster, reaching $19.43 billion &#8211; up from $18.93 billion on August 25- while the Bitcoin price remained around $1,000 below its local high.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This divergence suggests that much of the recent price movement may be driven by speculative trading in futures and perpetual contracts rather than strong demand in the <\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-whales-take-profit-after-latest-price-jump-heres-how-much-they-sold\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">spot market<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/sui\/sui-eyes-pullback-as-rsi-flashes-warning\/\" target=\"_blank\" rel=\"noopener \">SUI Eyes Potential Pullback As RSI Flashes Warning: $1.4 Retest In Sight<\/a><\/div>\n<p><span style=\"font-weight: 400\">Earlier this month, Bitfinex observed that Bitcoin&#8217;s rise to around $62,000 was largely fueled by robust spot market buying, in stark contrast to the current situation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">While this trend in open interest might suggest increased speculative interest in Bitcoin, it does not directly imply <\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-rally-time-to-sell\/\"><span style=\"font-weight: 400\">bearishness<\/span><\/a><span style=\"font-weight: 400\">. The report states that open interest is not a definitive measure of leverage in the market; it merely reflects the total value of outstanding contracts.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Finally, the report suggests that this renewed speculative interest could be beneficial as traders return from their summer holidays and reassess their positions following the rate cut. However, Bitfinex does note that in the absence of clearer indicators of sustained <\/span><a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-hype-remains-low-63000-surge-green-rally\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">bullish momentum<\/span><\/a><span style=\"font-weight: 400\">, market participants should remain cautious.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from DALL-E, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC), the world&#8217;s largest cryptocurrency, has rallied over 22% in the past two weeks to trade at around $63,200, following a significant drop to $52,000 on September 6. This is the highest level BTC has reached in almost two months. Critical Resistance At $65,200 Looms According to a recent report from digital asset trading platform Bitfinex, this price increase was largely driven by the Federal Reserve&#8217;s (Fed) decision to cut interest rates, which helped propel BTC to a new local high of $64,200 on September 20.\u00a0 However, despite this positive momentum, Bitcoin is still just below a critical resistance level of $65,200, established on 25 August. The report notes that a failure to breach this level could confirm a worrying trend that has characterized BTC&#8217;s price action since its all-time high of $73,666 in March. Related Reading: Polygon (MATIC) To Come back From The Dead As Ascending Triangle Appears Since that peak, Bitcoin has repeatedly struggled to break previous highs before forming new local lows, indicating a persistent downtrend. This pattern of lower and lower highs is evident on the daily Bitcoin chart, suggesting that the cryptocurrency has been on a downward trajectory since mid-March. As seen on the daily BTC\/USDT chart above, this repeated price action has been characterized by a sustained and continuous downtrend since the March peak.\u00a0 Nonetheless, further volatility fueled by macroeconomic fears triggered another crash on August 5. BTC hit its lowest level in six months, down to the $49,000 level from the $70,000 level it had been trading at since late July. What Drove Bitcoin Recent Gains? One notable concern that Bitfinex finds is the discrepancy between BTC\u2019s price gains and open interest in future markets. As BTC rose, open interest rose even faster, reaching $19.43 billion &#8211; up from $18.93 billion on August 25- while the Bitcoin price remained around $1,000 below its local high.\u00a0 This divergence suggests that much of the recent price movement may be driven by speculative trading in futures and perpetual contracts rather than strong demand in the spot market. Related Reading: SUI Eyes Potential Pullback As RSI Flashes Warning: $1.4 Retest In Sight Earlier this month, Bitfinex observed that Bitcoin&#8217;s rise to around $62,000 was largely fueled by robust spot market buying, in stark contrast to the current situation.\u00a0 While this trend in open interest might suggest increased speculative interest in Bitcoin, it does not directly imply bearishness. The report states that open interest is not a definitive measure of leverage in the market; it merely reflects the total value of outstanding contracts. Finally, the report suggests that this renewed speculative interest could be beneficial as traders return from their summer holidays and reassess their positions following the rate cut. However, Bitfinex does note that in the absence of clearer indicators of sustained bullish momentum, market participants should remain cautious.\u00a0 Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":644081,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,656,679,755,1119,1122,1144,78790,6664,14690],"class_list":["post-644076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-technical-analysis","tag-btc","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Bitcoin Jumps 22% Post-Fed Rate Cut, Yet Key Resistance Sparks Crash Fears - Bitfinex<\/title>\n<meta name=\"description\" content=\"Bitcoin has rallied over 22% in the past two weeks to trade at around $63,200, following a significant drop to $52,000 on September 6.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-jumps-22-post-fed-rate-cut-yet-key-resistance-sparks-crash-fears-bitfinex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Jumps 22% Post-Fed Rate Cut, Yet Key Resistance Sparks Crash Fears - Bitfinex\" \/>\n<meta property=\"og:description\" content=\"Bitcoin has rallied over 22% in the past two weeks to trade at around $63,200, following a significant drop to $52,000 on September 6.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-jumps-22-post-fed-rate-cut-yet-key-resistance-sparks-crash-fears-bitfinex\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-24T00:30:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-23T15:33:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/09\/Screenshot_449.jpg?fit=1311%2C738\" \/>\n\t<meta property=\"og:image:width\" content=\"1311\" \/>\n\t<meta property=\"og:image:height\" content=\"738\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ronaldo Marquez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Rmmcapital\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ronaldo Marquez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-jumps-22-post-fed-rate-cut-yet-key-resistance-sparks-crash-fears-bitfinex\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-jumps-22-post-fed-rate-cut-yet-key-resistance-sparks-crash-fears-bitfinex\/\"},\"author\":{\"name\":\"Ronaldo Marquez\",\"@id\":\"https:\/\/www.shenyangcang.com\/#\/schema\/person\/23849d4cdb61b3b34c9e7e5fea0a9a6c\"},\"headline\":\"Bitcoin Jumps 22% Post-Fed Rate Cut, Yet Key Resistance Sparks Crash Fears &#8211; 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