Bitcoin price rally to $25K followed by total crypto market cap retest of the $1.13T resistance
On February 16th, the total market capitalization of the login password of $113 million was rejected, but the structure of the ascending channel remained unchanged for nearly a month. More importantly, this level represents a 43% profit in 2023, a far cry from the $300 million level achieved in November 2021. Even so, special attention is paid to the recovery at this stage.
As mentioned earlier, the 10% adjustment in the upward channel that began in mid-January freed up some interior space, falling to $100 million and not getting rid of the bullish shape.
Investors responded positively to the fact that the foreign consumer price index rose 5.6% on February 14 compared with the same period, and retail sales rose 3% on February 15. Bitcoin is up 12.5% this week, which has a positive effect on the overall market value of data encryption.
One worrying industry is the Feb. 16 financial investment report on Binanc.US and Merit Peak, a trading company run by CEO Zhao Changpeng. Interestingly, a spokesman for Binance.US said Merit Peak "does not buy or sell transactions on Binance.US software, nor does it provide services in any way," Reuters reported.
The 10.1% increase in Zhou's market capitalization was suppressed by a small increase of 1.8% for BNB (BNB) and 2.5% for XRP (XRP). On the other hand, of the top 80 digital currencies, only three are mainly negative at the end of the week.
As the need for irreplaceable dynamic password (NFT) runes in the Bitcoin blockchain has soared, distributed storage server Filecoin (FIL) has risen 59 per cent and Internet technology electronic computers (ICP) have soared 52 per cent.
GMX shares rose 34% as the deal won $5 million in trading fees in one day.
LDO in Lido rose 34% as Staker assessed the 20300 ETH proposal held by the national ministry of finance, an operating company.
Although there is a widespread rebound, leverage consumption is balanced.
Permanent contracts, also known as reverse swaps, have a placed annual interest rate, which is usually deducted every eight hours. The trading center uses this expense to prevent discounting risk disorders.
Stable financing rates suggest that duo (customers) need more leverage. However, when buying short (merchants) requires extra leverage, it is easy to reverse the situation, causing the financing interest rate to turn negative.
The seven-day financing rates for Bitcoin and ethernet are close to zero, which means that the data show that there is a need for a balance between leveraged doubles (customers) and empty orders (merchants).
Interestingly, BnB is no longer the digital currency that has not been forced to close its positions in futures trading, as investor demand for Polygon's Majic market strengthened by 70 per cent in February.
Stock index futures put / bullish stock index futures ratio stay happy
Traders can measure the overall mentality of the sales market by considering more thematic activities by bullish (buying) stock index futures or selling (selling) stock index futures. Generally speaking, bullish stock index futures are used for bullish countermeasures, while put options are used for bullish countermeasures.
The put-to-call ratio of 0.70 shows that the unforced closing interest rate of put options lags behind the bullish stock index futures by 30%, so it is bullish. By comparison, the 1.40 index benefits 40% of put options, which can be called a bullish.
Although the price of Bitcoin cannot raise the pressure level of $25000, the demand for call options has exceeded neutral to call options since Feb. 14.
At this stage, the ratio of selling to bullish trading volume is close to 0.40. As the options market is more filled with neutral to bullish ideas, pro-favored to buy (buy) stock index futures twice.
From the derivatives market's point of view, there is no sign of demand from short sellers, while leverage indicators indicate that double heads are not using too much leverage. In the end, the total market value friction of these bets of $113 million will break through and win, opening up interior space for further gains.
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