) has been below $45,000 for 14 days and is currently 40% below the $69,000 all-time high. This movement holds similarities to late-September 2021, when Bitcoin price flat-lined for 11 days and was 36% below the previous $64,900 all-time high on April 14.To understand whether the current price momentum mimics late September, traders should start by analyzing the Bitcoin futures contracts premium, which is also known as"basis.
By measuring the expense gap between futures and the regular spot market, a trader can gauge the level of bullishness in the market. Excessive optimism from buyers tends to make the three-month futures contract to trade at a 15% or higher annualized premium .For example, earlier in September, the basis rate ranged from 9% to 13%, indicating confidence, but on Sept. 29, right before Bitcoin broke out above $45,000, the 3-month futures premium was at 6.5%.
Unexpected positive market moves happen when investors least expect it and this is precisely the scenario happening right now. To confirm whether this move was specific to the instrument, one should also analyze options markets. The 25% delta skew compares equivalent call and put options. The indicator will turn positive when"fear" is prevalent because the protective put options premium is higher than the call options.
Derivatives metrics show that the current market conditions resemble late-September when Bitcoin reversed a 24-day downtrend and initiated a 62% rally in the following three weeks.The views and opinions expressed here are solely those of the
Mass Hallucination starts to kick in among HODLERs. 🤣🤣
I'm starting to believe this account just wants to shill Bitcoin so they can dump their bags on the newbies. 😂
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1. Buy Envi 2. HODL 3. Watch the value increase with monthly token burns. 4. Pick color of Lambo (Screen shots of monthly token burns will be posted, on 1 random day of each month, if your skeptical, give us a follow and keep track)
does that mean the whales are going to HIT IT down again?
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