Bitfinex Alpha: BTC may enter a consolidation phase after the Fed’s rate cut

According to the Bitfinex Alpha Odaily analysis, since the Fed's decision to cut interest rates, Bitcoin has been rising all the way, rising more than 22% on September 20 (last Friday) to a local high of $64,200, the highest point since September 6. Despite the strong rise in Bitcoin, it is still slightly below the key high of $65,200 on August 25. BTC has been on a downward trend since March, and although the recent price increase is positive, it is worrying that the increase in BTC open interest has exceeded the price increase of BTC itself, indicating that the driving force behind most of the gains last week may be the futures and perpetual contract markets, rather than the spot market. At the same time, some Altcoin prices have soared, and some well-known tokens have risen by more than 100% from their lows in August and September. However, similar caution is needed here, as the Altcoin OI has also hit a new high, while the broader underlying Altcoin market has not seen a corresponding price breakthrough. Other indices (which measure the performance of Altcoin excluding the top 10 tokens by market value) have continued to trend downward over the past month. As Bitcoin spot market buying slows, as evidenced by the flattening of cumulative spot volume increments at $63,500, BTC is expected to remain range-bound in the near term. Without sustained spot buying, consolidation or a partial pullback seems the most likely scenario.