According to the "Bitfinex Alpha" report, Bitcoin is approaching a resistance threshold of $65,200 and may enter a consolidation zone for several weeks. The current rally in BTC is primarily driven by futures trading rather than the spot market, raising concerns about potential volatility and correction. Global open interest in Bitcoin futures has surpassed previous levels, suggesting that the price movement is led by perpetuals and futures trading. Altcoin speculation is also increasing, with some tokens seeing significant gains. However, the report points out that the high open interest does not indicate the amount of leverage being used by derivatives traders. The renewed interest in spot Bitcoin exchange-traded funds (ETFs) may act as a counter-argument to potential consolidation. The future direction of the crypto market may be influenced by broader market trends, particularly if the S&P 500 continues to rally. Overall, risk appetite for Bitcoin from traditional finance is evident through spot ETF inflows, indicating a strong correlation between Bitcoin and the S&P 500.



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