Bitcoin Undoes Post-Fed Gains
Bitcoin (BTC) dropped below $35,000 after the Wall Street open on November 2nd as analysts warned of "overheated" derivatives. The cryptocurrency had reached new 18-month highs of $35,968 before retracing its gains.
Derivatives Markets Cause Concern
Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, warned that all Bitcoin derivatives markets are currently overheated. Popular trader Skew agreed, stating that spot markets now needed to save BTC price strength. Monitoring resource Material Indicators also urged caution in the current Bitcoin trading environment, highlighting the potential for support levels to disappear rapidly.
This article does not contain investment advice. Readers should conduct their own research before making any investment or trading decisions.
