Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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If one zooms out, especially to the weekly chart, it is quite clear that BTC is just ranging without any clear signs on either direction.
The longer BTC stays in this range and under $8,600, the more bearish it will be for BTC in the macro, as the majority of its moving averages are pointing down.
However, there's an impending big move as indicated by Bitmex open interest sitting above $1 billion (credit: skew.com/dashboard/bitcoin-futures).