Analysis Today TheBitTimes.com

Bitcoin holds higher BTC price levels into what looks to be a crunch week for crypto markets across the board. Bitcoin (BTC) starts a new week at comfortable highs as traders square off over BTC price action to come. As macroeconomic uncertainty continues to grow, Bitcoin is cementing its new trading zone above $30,000. The highest weekly close since early May 2022 is the latest achievement for bulls, and so far, bid support has allowed the market to avoid a deep retracement after last week’s snap 15% gains. How could the environment change for BTC/USD this week? As Bitcoin heads into the October monthly close, would-be volatility catalysts are brewing — not least thanks to the increasing geopolitical instability in the Middle East. Adding to the hurdles for risk assets to overcome is the United States Federal Reserve, which will decide on interest rate adjustments on Nov. 1. Under the hood, Bitcoin is looking better than ever, and the numbers prove it — network fundamentals are eithe...

An unprecedented number of BTC margin longs recently closed at Bitfinex, leaving analysts searching for explanations. Since May 2022, the Bitcoin (BTC) margin markets on the Bitfinex exchange have been plagued by an unusually high open interest of over $2.7 billion. This information alone should raise a red flag, especially in light of Bitcoin's price decline from $39,000 to less than $25,000 during the same period. Traders seeking to leverage their cryptocurrency position had borrowed over 105,000 Bitcoin. Currently, the cause of this anomaly is unknown, as well as the number of entities involved in the trade. Cheap borrowing favors high demand Bitfinex's sub-0.1% annual rate may be a contributing factor to the size of the Bitcoin lending market. To date, this has been the norm and it creates enormous incentives for borrowing, even if there is no current need. There are few traders who would turn down such a ridiculously inexpensive leverage opportunity. Margin borrowing can...