TechFlow News, according to the latest Bitfinex Alpha report, Bitcoin surged following the Federal Reserve's interest rate cut decision, reaching a recent high of $64,200 on September 20, yet still failing to break above the key resistance level of $65,200 set on August 25. The report suggests that if Bitcoin fails to surpass this level, it may continue the downward trend observed since March.
Notably, Bitcoin's open interest has grown faster than its price increase, indicating that futures and perpetual contracts markets were likely the primary drivers behind last week's price rally. Meanwhile, some altcoins have seen gains exceeding 100%, and altcoin open interest has also hit a new high. However, the OTHERS index (excluding the top 10 largest-cap tokens) continues to decline. The report expects Bitcoin to trade within a range in the near term.
Nonetheless,持续 strong inflows into ETFs could support Bitcoin's price, with spot Bitcoin ETFs netting $397.2 million in inflows last week. Additionally, MicroStrategy increased its holdings by another 7,420 bitcoins, bringing its total to 252,220 BTC worth $15.8 billion. At the same time, the SEC is accelerating its review of BlackRock's iShares Bitcoin Trust options listing application, signaling continued institutional adoption.
