Bitcoin Falls Below Range Floor as Futures Traders Rebuild Long Positions

Bitcoin has fallen below its former range floor of $77,100 for a third consecutive session and could potentially revisit $73,500. According to Bitfinex Alpha's analysis, dip-buyers are rebuilding long positions in perpetual futures despite weak U.S. spot demand.

The close at $75,702 left BTC 3.2% lower than the previous day's close, below the $76,043 low set after the Aug. consumer price index report. Traders initially reduced exposure during the decline but quickly returned to the market, rebuilding open interest to $52.15 billion.

However, spot trading volume has not increased, and Coinbase's spot discount widened from 0.03% on Monday to 0.08% at the Sep. 16 daily open, indicating weaker demand on the U.S. exchange than on other trading venues.