BTC- Quick derivative analysis$8 billion liquidations were triggered when BTC briefly crashed to 31k on Wednesday,
This morning, over $7.5B in Bitcoin open interest was wiped out, bringing total OI back to levels last seen in early February.
Right now, oversold signals can be seen across the board and I think this is exactly what we need to shake out weak hands and over-leveraged positions.
Usdtpremium
BTC- First major test of downward trendlineBitmex's recent lawsuit and bank secrecy act's potential implication to DeFi space didn't seem to shake crypto investors at all.
USDT issuance grew more than 10% in September and BTC is till hanging onto the edge of logarithmic channel.
The recent upward movement can be validated if BTC can close the weekly candle within the demand zone.
BTC- Accumulation modeThis week is nothing but reverse bart patterns and scam wicks!
I guess this is the result of decreased liquidity caused by the slowly declining volume during the consolidation phase.
Bitmex is trading below 2 billion volume as of now, yet open interest is on the slow ascending trend. This tells me the accumulation is taking place possibly by big fishes.
In addition, volatility is slowly ticking up as well.
Other signs to pay attention to- CME open interest and volume going up + Backwardation + USDT premium going up
As we all now, low volume is a precursor to the high volatility move... As long as 8.4k is defended, I will continue my buy on the dip mode!