BTC/USDT Futures Trading Analysis — December 2, 2024
BTC/USDT Futures Trading Analysis - December 2, 2024
1. Introduction
As of December 2, 2024, the spot price of BTC/USDT is **96,545.00 USD**, reflecting an increase of **137.00 USD** (0.14%) over the past 24 hours. The futures price on Binance Futures is **96,486.90 USD**. Trading volumes remain stable, indicating sustained interest from market participants.
The dynamics of BTC/USDT are influenced by recent macroeconomic events. According to the economic calendar on Investing.com, last week saw the release of U.S. inflation data, which showed a slight decrease. This has heightened expectations of potential monetary policy easing by the Federal Reserve, driving increased interest in risky assets, including cryptocurrencies.
2. Technical Analysis
Key Support and Resistance Levels:
- Daily timeframe:
- Support: **94,000 USD** - Resistance: **98,500 USD**
- Hourly timeframe:
- Support: **95,500 USD** - Resistance: **97,500 USD**
Moving Averages:
- MA (50): **95,200 USD**
- MA (200): **93,800 USD**
- EMA (50): **95,400 USD**
- EMA (200): **94,000 USD**
Indicators:
- RSI: **65** (indicating an overbought zone)
- MACD: Positive histogram, MACD line above the signal line, indicating a bullish trend
Fibonacci Levels:
- 23.6%: **95,800 USD**
- 38.2%: **95,000 USD**
- 61.8%: **94,200 USD**
Bollinger Bands:
- Upper band: **97,000 USD**
- Lower band: **94,000 USD**
- The current price is near the upper band, which could indicate a potential correction
ATR: **1,200** (indicating high volatility)
VWAP: **95,500 USD** (current price is above this level, indicating bullish sentiment)
Elliott Wave Analysis: The market is in the third impulsive wave, suggesting the continuation of the upward movement
Patterns: A "Head and Shoulders" pattern is forming on the hourly timeframe, which could signal a potential trend reversal.
3. Volume Analysis
Open Interest:
- According to Coinglass, open interest on the BTC/USDT futures market is **6.0 billion USD**, with long positions dominating, indicating bullish sentiment.
Liquidations:
- In the past 24 hours, positions worth **150 million USD** have been liquidated, of which **60% were long positions**, suggesting recent corrective movements.
For liquidation analysis based on the heatmap, use the following link: [](https://ibb.co/r5Xzh4d)
Options:
- Nearest expiration date: **December 5, 2024**
- Open interest: **1.2 billion USD**
- Call/Put ratio: **1.5**, indicating bullish sentiment.
- "Max Pain" level: **95,000 USD**, which could lead to price consolidation around this level.
Bitcoin ETF: Purchase volumes remain stable, reflecting ongoing interest from institutional investors.
| Date | Total Liquidations (Billion USD) | Long Liquidations | Short Liquidations | Open Interest (Billion USD) |
|---|---|---|---|---|
| 25/11/2024 | 0.12 | 0.07 | 0.05 | 5.5 |
| 26/11/2024 | 0.15 | 0.09 | 0.06 | 5.6 |
| 27/11/2024 | 0.10 | 0.06 | 0.04 | 5.7 |
| 28/11/2024 | 0.18 | 0.11 | 0.07 | 5.8 |
| 29/11/2024 | 0.14 | 0.08 | 0.06 | 5.8 |
| 30/11/2024 | 0.16 | 0.10 | 0.06 | 5.9 |
| 01/12/2024 | 0.13 | 0.08 | 0.05 | 5.9 |
| 02/12/2024 | 0.15 | 0.09 | 0.06 | 6.0 |
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