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Weekly Top 5 Cryptos You Should Watch – Shiba Inu, XRP, SOL, DOT, TOMO.
Bitcoin (BTC) bulls have mounted so much pressure on Bitcoin in the past week as the price struggles between $27,000 and $28,500 after seeing the price of Bitcoin rally with much price action in the past few days to a high of $28,500 before suffering price rejection to $27,000.
The price of Bitcoin, after breaking from its long-range price of $26,000, rallied to a high of $28,500 after the United States (US) announced an increased and much-improved employment data that had a positive impact on the financial market as the price of Bitcoin was not excluded.
ÌBitcoin, the largest cryptocurrency by market capitalization, saw an increase of 2% within a short time of the US government announcing its economy. It saw over 336,000 jobs added in September as this figure doubled the expectations of many economists.
Despite the great news for the financial market, the price rally from Bitcoin (BTC) was short-lived as the price dropped from $28,500 to a region of $27,900 as the price builds more momentum by bulls to break out of this range for a bullish run.
There has been so much speculation as regards the performance of Bitcoin and the general cryptocurrency market after Bitcoin’s correlation with long-term bonds saw a 12-month drop below its lowest in the last year.
With such signs developing, there has been a big shift in the performance of Bitcoin and its value in the coming year, as reported by IntotheBlock analyst Outumuro.
Statistics from Coin360.com indicate the market has gained considerably in the past few weeks as the whole cryptocurrency market saw a minimal price decline. There has been a low volume of orders across the cryptocurrency market as prices head into a new week.
#ContentStar# #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #MyFancyCreator# #HotTopicDiscussion# Bitcoin Standard Contract Positions Decline, Market Enters New Stable Phase.
According to Foresight News, the latest CFTC CME Bitcoin holdings weekly report (September 27 - October 3) shows that the total holdings of Bitcoin standard contracts have declined from 14,844 to 14,447. This marks the second consecutive week of decline and a new low for the past 16 statistical cycles. However, the change compared to the previous statistical cycle is not significant, indicating that the market has entered a new stable phase. The key focus of this week's report is whether there have been any changes in the market during the latest statistical cycle, as various account types turned bearish in the previous cycle.
The largest dealer accounts saw long positions decline from 433 to 427, while short positions increased significantly from 1,859 to 2,898, reaching a new high for the past six weeks. These accounts have clearly made net short adjustments during the latest statistical cycle, expressing a strong bearish attitude towards the market. Asset management institutions increased their long positions from 7,168 to 7,336 and reduced their short positions from 1,093 to 623, indicating a clear net long operation during the latest statistical cycle. This contrasts with the net short adjustment strategy adopted in the previous cycle.
Leveraged funds increased their long positions from 1,594 to 2,373 and their short positions from 8,220 to 8,565, showing a simultaneous increase in both directions during the latest statistical cycle. However, it is worth noting that after this round of adjustments, the proportion of long positions has increased significantly and reached a new high for the past eight weeks. Large accounts increased their long positions from 1,852 to 1,941 and their short positions from 114 to 410, ending the trend of no change in the past two weeks and directly reaching a 12-week high. Although the proportion of long positions in large accounts remains relatively high, the overall adjustment during the latest statistical cycle is bearish, continuing the adjustment strategy of the previous cycle.
The total holdings of Bitcoin micro-contracts declined from 8,690 to 6,193. Dealer accounts increased their long positions from 338 to 368 and reduced their short positions from 435 to 146, indicating a net long adjustment in micro-contracts, which is a classic risk hedging operation. Asset management institutions reduced their long positions from 319 to 273 and increased their short positions from 806 to 1,120, indicating a net short adjustment in micro-contracts, which is also a risk hedging operation when combined with standard contract adjustments.
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