BTC/USD was back at $57,000 on Thursday, according to data from Cointelegraph Markets Pro and TradingView, having gone full circle in 24 hours.
The pair had briefly reached $59,000 at the start of the Wall Street session the day before, but this failed to hold as another wave of macro triggers skewed sentiment to the negative
As a result, Bitcoin plummeted in lockstep with equities, which seemed to be responding to persistent anxiety over the new coronavirus omicron type. The S& P 500 index fell 1.2 percent on the day.
With a feeling of discontent enveloping the crypto markets, experts seized the chance to reaffirm a longer-term outlook.
“It’s fairly straightforward. I’ve stayed careful below $60K/b
Thursday was also “another day to zoom out,” according to fellow analyst TechDev, who was looking at Fibonacci levels on the two-week chart.
Open interest continues to hover around all-time highs.
Meanwhile, because to its huge volume in comparison to price movement, open interest on exchanges remained a source of worry.
Bitcoin fails to meet the ‘worst-case scenario’ monthly closing for the first time and begins December below $57K
Open interest in Bitcoin futures recently matched its second-highest levels in history, close to its April record, according to data from on-chain analytics company Glass node.
With cyclical price action characterizing the week, the mood thus stayed favoring an ultimate exit up or down, with derivatives structures being “reset” as a result.
Funding rates were mostly neutral across exchanges Thursday.