Proactive Investors - Coming off the worst month of the year in August, the bitcoin (BTC) spot markets have shown little in the way of price volatility in September.
For the first six days, the BTC/USDT has closed in a $250 range in the upper $25,000s.
This changed on Thursday, when the pair surged 1.9% higher to hit the midnight bell at $26,255, penning the best daily performance in September so far for the world’s largest cryptocurrency
Bitcoin has managed to hold onto most of these gains in Friday’s Asia trading session, though has inched back around 0.1% to $26,230 at the time of writing.
Binance’s order book shows substantial support among buyers at the $25,500 price point, as with a smaller degree of buyers pitched at the $26,000 barrier.
Resistance points, meanwhile, are set at $26,500 and $27,000.
Short-term volatility aside, bitcoin is still in the doldrums when taking the wider view, with historically low trading volumes caused by fear and uncertainty in the market.
Adding to the regulatory risks surrounding the cryptocurrency markets, the International Monetary Fund on Thursday laid out a roadmap to monitor and contain cryptocurrency’s perceived risks to stability in the traditional finance sector.
"Widespread adoption of crypto-assets could undermine the effectiveness of monetary policy, circumvent capital flow management measures, exacerbate fiscal risks, divert resources available for financing the real economy, and threaten global financial stability," a newly published paper from the IMF said.
The paper will be presented at this month’s G20 summit in India.
Aggregated open interest on the bitcoin futures market swung higher this week, from $7.47 billion to nearly $8 billion today, though this is still significantly down from the $10 billion-plus in open interest observed in August.
Ethereum (ETH), the world’s second-largest cryptocurrency, added 0.9% on Thursday to close the day at $1,648 on the ETH/USDT pair, where it has remained unchanged today.
Week on week, bitcoin is 0.8% higher while ether has slipped into the negative, losing 0.1% to its spot price.
In the altcoin space, BNB, Cardano (ADA), Solana (SOL) and Polkadot (DOT) have all added less than one percent over the past seven days, while Ripple (XRP) has fallen back 0.4%.
Toncoin (TON) remains the top performer, adding over 4% on a week-on-week basis.
Global cryptocurrency market cap currently stands at $1.05 trillion, with bitcoin dominance at 49.5%, up from 49.1% this time last week.
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