Asia Bidding, Key BTC Level at $28.1k

Name: FS Insight
Price range: $$$

Sep 19, 2023

Author

Sean Farrell ^AC

BTC -3.65% ETH 1.53% GMX 1.14%

Market Update Major equity indices are trending lower today, while interest rates are on the rise, with the US 10-Year seemingly poised to hit a new YTD high. The DXY started the day strong but has since plateaued, currently sitting flat. In the commodities market, gold, which $BTC has directionally tracked quite well this year, is also up. In the crypto market, Bitcoin experienced a morning rally, surging back up to nearly $27.5k and lifting the broader market along with it. We discuss some interesting details surrounding this price action below. Meanwhile, $ETH is currently hovering around the $1,650 mark. One of today's big winners is $GMX, the decentralized perps exchange, which is up nearly 5%. All eyes are on the upcoming FOMC meeting scheduled for today and tomorrow, where a pause in interest rate hikes is expected to be announced during tomorrow's press conference.The early morning uptick in BTC price has mirrored a simultaneous increase in open interest, echoing the trend observed yesterday. Interestingly, this open interest was withdrawn around midday, aligning with a price pullback, suggesting that if the spot market lacks momentum, we might witness a similar drawdown this afternoon. This dynamic is part of a broader pattern observed over the past week, where price a

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