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Report: Bitcoin Tests Key Support Level, Altcoin Open Interest Surpasses Bitcoin for the First Time

A report from Bitfinex Alpha indicates that Bitcoin has been trading sideways in the range of $77,100 to $81,300 over the past 20 trading days, with the current price nearing the lower support level of this range. If it breaks above $81,300, a volume vacuum above could drive the price up to $86,500. Ahead of the Federal Reserve's interest rate decision, the options market has shifted protection to contracts expiring on September 18. Bitcoin's volatility has decreased, and all 29 major cryptocurrencies rose last week, with Polkadot increasing by 43% and Zcash by 42%. This week, the open interest in altcoin perpetual contracts has surpassed that of Bitcoin for the first time.

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