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Bitcoin’s recent price pullback was driven by weak spot demand and a decline in futures open interest, according to CryptoQuant contributor MAC_D. Bitcoin’s apparent demand remained in negative territory, while the Coinbase Premium Index was also mostly negative, indicating U.S. investor buying pressure remains weak.
MAC_D added that although Bitcoin has held at a similar price level since Sept. 22, open interest fell nearly 10% to about $26 billion from roughly $28.8 billion. Still, MAC_D said the current correction could present a medium- to long-term buying opportunity as long as the current upcycle remains intact. The area around $69,000, where short-term holders’ average cost basis sits, is likely to act as a key support level, MAC_D said.