Bitcoin Spot-Perpetual Gap Points To Continued Selling Pressure – Analyst
2024年8月17日 - 8:00PM
NEWSBTC
The month of August has been largely uneventful for Bitcoin so far,
with the premier cryptocurrency having struggled to reclaim the
$65,000 price mark since August 2. Currently, Bitcoin is slightly
below $60,000 as the bulls and bears seek to grab control in what
has been a range-bound market for the past week. Interestingly,
CryptoQuant analyst XBTManager has shared revelations that indicate
the BTC market is likely to maintain its current bearish form for
the time being. Related Reading: Bitcoin Bears in Control? Record
Low Funding Rates on Binance Signal Market Shift Wide
Spot-Perpetual Gap Spells Trouble For Bitcoin On August 16,
XBTManager reported that Bitcoin’s Spot-Perpetual Price Gap, as
tracked on the Binance exchange, is continually in a negative form
indicating that the asset may record more price loss due to a
sustained selling pressure. For context, a Spot-Perpetual
Price gap occurs when there is a difference between the valuation
of Bitcoin on the spot market which deals with the asset’s actual
price, and on the perpetual markets which allow traders to deal in
speculations of the Bitcoin’s future price. When the perpetual
price is lower than the spot price as in the current case of
Bitcoin, it indicates traders are massively offloading the asset in
the perpetual futures market as they believe there could be an
incoming price fall. Expectedly, XBTManager predicts this
negative spot-perpetual gap will translate into a heightened
selling pressure in the spot market as several traders will look to
sell their assets and buy in the perpetual market thus taking
advantage of the arbitrage to gain some profit. In the advent
of such a reaction, deep liquidation hunts might occur i.e. where a
large number of leverage positions are forcefully closed down,
leading to a larger negative Spot-Perpetual Gap, and increased
selling activity. However, XBTManager has noted a potential
positive for Bitcoin in this uncanny situation. The analyst states
that high selling pressure will likely result in an accumulation of
multiple short portions on Bitcoin. Therefore, the instance of
a sudden price gain might force these positions to close leading to
some significant buying activity that could reduce the current
negative Spot-Perpetual Price gap. Related Reading: Bitcoin Still
At Risk Of Further Correction, CryptoQuant Head Says BTC Price
Overview At the time of writing, Bitcoin trades at $58,981 with a
2.28% gain in the past day. However, the token’s daily trading
volume is down by 16.37% and is valued at $29.5 billion. On larger
time frames, Bitcoin also remains in the red zone with a loss of
2.92% and 8.76% over the last seven and thirty days
respectively. Featured image from The Economic Times, chart
from Tradingview
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