Bitcoin futures are in the process of rolling over to August contracts and the initial outlook seems to be “bearish”. The difference between the first, second and third-month futures contracts is almost zero
- Traders seem to be turning back to selling Bitcoin through futures and speculative buyers are backing away. That is seen by the fact that open interest is usually highest on days when Bitcoin is down. - Without a daily supply coming from speculative buyers it would be very difficult for any cryptocurrency to rise in price.
Last night, BTC received a boost from speakers at a conference, but compared to some of the spikes seen in the past, this rally looks insignificant. Traders are unlikely to be impressed by this rally, as it has not yet come close to the 50% Fibo retracement level of the decline since mid-June at around $35,000.
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