The current buying we are seeing inside the $77-80,000 band is passive, not aggressive, crypto
The current buying we are seeing inside the $77-80,000 band is passive, not aggressive, crypto exchange Bitfinex stated in a report covered by FXStreet.
As spot demand stays sluggish, Bitcoin may hover in a $77,000 to $80,000 corridor shortly, while any upward pushes toward $81,300 will likely encounter selling resistance. Bitfinex analysts reported Tuesday that the immediate price outlook stays constrained by a support zone where investors acquired roughly 1.05 million BTC, up from 738,000 BTC on October 28. Resting bids are absorbing sells, leaving the top cryptocurrency vulnerable to renewed selling pressure.
The $81,300 mark stands as the next significant hurdle where investors looking to exit positions could limit further gains. Expected price fluctuations derived from the options market signal ongoing instability, pointing toward a possible trading band of $74,400 to $81,750 leading up to the November 6 expiry.
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Derivatives Growth Diverges From Spot Outflows
Bitcoin’s derivatives market continued to attract capital despite recent price declines. Aggregate futures open interest increased 12.1 percent from its October 12 low to reach 694,728 BTC on October 31, even as the asset’s price fell 5.3 percent. Funding rates remained positive, hitting annualized levels of 17 percent on major perpetual futures exchanges during the October 30 sell-off. Traders using borrowed funds kept positioning for a recovery despite weakening prices.
Spot demand failed to keep pace. US spot Bitcoin exchange-traded funds recorded $643.2 million in outflows on October 30, marking their largest daily withdrawal since June 25. Because of these withdrawals, October became the initial month to register net ETF reductions since June, breaking a streak of $6.36 billion in cumulative inflows distributed over July, August, and September. Bitfinex warned that recovery could remain stalled without sustained aggressive buying in the spot market.
Wintermute Cites Binance Hack Fallout
Trading firm Wintermute maintained a cautious position in its Tuesday report, arguing that the recent rebound lacks evidence of fresh capital entering through spot markets. Bitcoin needs to reclaim $80,000 and hold it with bids coming from spot and ETF flows to improve its near-term outlook.
Highlighting Bitcoin’s 50-week moving average around $76,800 as a key technical support boundary, the firm cautioned that a lasting drop beneath this threshold would heighten the threat of further losses. Wintermute added that the market remains under pressure following a $6.3 billion Binance hack late Thursday. That incident triggered roughly $1.5 billion in liquidations, with about 85 percent involving borrowed long positions.
Traders initially bought the decline mainly through perpetual futures rather than spot markets, leaving the recovery short on fresh spot demand. Bitcoin has lost the $80,000 level, and while not for macro reasons previously flagged, the market still feels heavy post the $1.5 billion liquidation on the back of Binance last week, according to Wintermute.