Bitfinex Report: Bitcoin Faces Key Support Test as Altcoin Activity Rises

Odaily News: Bitfinex Alpha released a report showing that Bitcoin has been trading sideways between $77,100 and $81,300 over the past 20 trading days, with the current price near the key support at the lower end of the range. A breakout above $81,300 could see prices quickly rise to $86,500 due to a volume vacuum above. In the options market, protection has been moved to contracts expiring on September 18 ahead of the Federal Reserve's interest rate decision. The report also notes that while Bitcoin's volatility has declined, altcoins have been active, with all 29 major cryptocurrencies posting gains last week, led by Polkadot (+43%) and Zcash (+42%). For the first time this week, open interest in altcoin perpetual contracts surpassed that of Bitcoin, a historical precursor to market correction risks.