The main dishes to remember:
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Bitcoin Futures Open Interest dropped $ 2 billion in five days, reporting prudent term merchants.
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The volume of the Binance Taker provides cycle when the market awaits the FED interest rate decision.
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The Coinbase bonus suggests that the stable American demand defended $ 115,000.
Bitcoin traders (BTC) seem to reduce exposure before the political decision of the American federal reserve this week, onchain data and derivatives showing a significant reduction in leverage in parallel with the signs of regular purchasing demand around the $ 115,000 mark.
Bitcoin Open Interest has slipped $ 2 billion since last Friday, going below $ 40 billion, compared to $ 42 billion. The drop occurs after Bitcoin briefly reached a summit of almost $ 116,700 on Monday. At the same time, the volume of aggregated term contracts has been negligible, suggesting a lack of aggressive positioning in both directions, while term traders remain cautious.
The financing rate, a measure of the cost of holding positions in perpetual term contracts, is also on a downward trajectory. In particular, the London session saw Tuesday the strongest hourly financing tip since August 14, a movement which then coincided with a high local.
According to crypto analyst, Maartunn, the hourly volume of net takers on Binance fell below $ 50 million, well below the typical $ 150 million. Such a moderate activity indicates a side market, the participants awaited the clarity of the Fed before new capital positions.
Related: Bitcoin faces resistance at $ 118,000, but ETF can push the higher BTC price
Coinbase Premium reports high demand at $ 115,000
While the merchants of derivatives are retreating, the request for a spot on Coinbase tells another story. The Premium Coinbase, the price difference between Bitcoin on Coinbase and other exchanges, has continued to raise since last Tuesday. This trend reflects a demand for robust American investors, the strongest current purchase cluster since early August. The flows suggest that buyers actively defend the level of $ 115,000.
The wider feeling indicators also reflect this balance between prudence and quiet confidence. The Bitcoin Bull score, which follows the changes in the momentum of the market, bounced to a “neutral” 50 of a “downward” reading of 20 in the last four days. This suggests that the sales pressure is busy, the market entering a more balanced phase before the Fed announcement.
Meanwhile, the Bitcoin risk index, followed by analyst Axel Adler Jr., is 23%, near cycle. The metrics assess the relative danger of net withdrawals compared to the last three years.
Adler notes that weak readings correspond to “quieter environments” with a reduced probability of rapid liquidations. A similar configuration occurred for the last time between September and December 2023, when Bitcoin exchanged regularly before entering a new upward trend.
Related: the drop in the price of bitcoin to $ 113,000 could be the last big discount before new heights: this is why
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.