Prețul Bitcoin a crescut la 25 USD, urmat de retestarea totală a capitalizării pieței criptografice a rezistenței de 1.13 mii USD

The total crypto market capitalization rejected at $1.13 trillion on Feb. 16, but there was no change in the month-long ascending channel structure. More importantly, this level represents a 43% gain in 2023, which is far from the $3 trillion level achieved in November 2021. Still, the current recovery is notable. 

As shown above, the ascending channel initiated in mid-January has left some room for a 10% correction down to $1 trillion without breaking the bullish formation.

Investors reacted positively to the 5.6% year-on-year U.S. Consumer Price Index inflation increase on Feb. 14 and the 3% retail sales monthly growth on Feb. 15. Bitcoin (BTC) had the biggest positive impact on the total crypto capitalization as its price gained 12.5% on the week.

One area of concern is a Feb. 16 story on Binance.US financial transactions to Merit Peak, a trading firm managed by CEO Changpeng Zhao. Interestingly, Reuters reported that a Binance.US spokesperson said Merit Peak was “neither trading nor providing any kind of services on the Binance.US platform.”

The 10.1% weekly increase in total market capitalization was held back by the modest 1.8% gains from BNB (BNB) and the XRP (XRP) 2.5% price increase. On the other hand, only three out of the top 80 cryptocurrencies finished the week with negative performances.

Decentralized storage solution Filecoin (FIL) gained 59% and Internet Computer (ICP) soared 52% as Bitcoin blockchain demand for nonfungible token (NFT) inscription vastly increased the block space.

GMX rallied 34% as the protocol received $5 million in transaction fees on a single day.

Lido DAO’s LDO gained 34% as stakers evaluated proposals to manage the 20,300 Ether (ETH) held by the corporate treasury.

Leverage demand is balanced despite the generalized rally

Contractele perpetue, cunoscute și sub denumirea de swap invers, au o rată încorporată care este taxată de obicei la fiecare opt ore. Bursele utilizează această taxă pentru a evita dezechilibrele riscului de schimb.

O rată de finanțare pozitivă indică faptul că long-urile (cumpărătorii) solicită mai mult efect de pârghie. Cu toate acestea, situația opusă apare atunci când scurt-urile (vânzătorii) necesită un efect de pârghie suplimentar, determinând ca rata de finanțare să devină negativă.

The seven-day funding rate was close to zero for Bitcoin and Ether, meaning the data points to a balanced demand between leverage longs (buyers) and shorts (sellers).

Interestingly, BNB is no longer a top six cryptocurrency ranked by futures open interest, as investors’ demand for Polygon’s MATIC (MATIC) markets increased by 70% in February.

Raportul opțiuni put/call rămâne optimist

Comercianții pot evalua sentimentul general al pieței, măsurând dacă mai multă activitate se desfășoară prin opțiuni de cumpărare (call) sau opțiuni de vânzare (de vânzare). În general, opțiunile de apel sunt folosite pentru strategiile de urs, în timp ce opțiunile de vânzare sunt pentru cele de urs.

Un raport put-to-call de 0.70 indică faptul că opțiunile put dobânda deschisă întârzie cu 30% cu cât apelurile sunt mai optimiste și, prin urmare, este optimistă. În schimb, un indicator de 1.40 favorizează opțiunile put cu 40%, care pot fi considerate de urs.

Related: Derivatele de preț Bitcoin par puțin supraîncălzite, dar datele sugerează că urșii sunt depășiți numeric

Even though Bitcoin’s price failed to break the $25,000 resistance, the demand for bullish call options has exceeded the neutral-to-bearish puts since Feb. 14.

Presently, the put-to-call volume ratio nears 0.40 as the options market is more strongly populated by neutral-to-bullish strategies, favoring call (buy) options by 2x.

From a derivatives market perspective, there are no signs of demand from short sellers, while leverage indicators show bulls are not using excessive leverage. Ultimately, the odds favor those betting that the $1.13 trillion total market cap resistance will break, opening room for further gains.