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26 October 2020

Market Wrap: Bitcoin Tests $11.5K; Ether Futures Open Interest Flattens - CoinDesk

Market Wrap: Bitcoin Tests $11.5K; Ether Futures Open Interest Flattens - CoinDesk


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Market Wrap: Bitcoin Tests $11.5K; Ether Futures Open Interest Flattens.

Andrew Tu, an executive at trading firm Efficient Frontier, said this phenomenon, often known as “resistance” where traders take profits, creates sell momentum and holds back bitcoin from pushing higher.

“It is very fortunate that we have bitcoin to look at when most other macro things look gloomy, to say the least.” .

“But I am confident we have not seen all the effects of the amazing developments in and around bitcoin.” One of these developments has been the increasing number of publicly traded companies holding some bitcoin as a reserve asset, something Kugelberg sees as a bullish driver.  .

“The way I look at that chart is by extracting out the mid-July to mid-September open interest change

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