BTC Treads Cautiously as Altcoins IMX, NEAR and HASH Show Signs of Froth
The crypto market continues to trade cautiously as it seeks fresh catalysts following the Fed rate cut. BTC has settled into a tight range, with $118,000 serving as resistance for the bulls to overcome.
Open interest in bitcoin futures has jumped to 149K BTC, ending a two-month downtrend. It indicates renewed capital inflows into futures, possibly on the bearish side, as the three-month annualized premium remains depressed below 10%.
Smaller tokens continue to gain ground, raising hopes for a full-blown altcoin season. In the past 24 hours, IMX, NEAR and HASH have gained over 10%, the only three coins out of the top 100 to enter double figures.
Timothy Misir, head of research, BRN, called traders to keep position sizes…
