- BTW faces $0.645-$0.650 resistance, with a breakout potentially targeting $0.70.
- Open interest hit $222.81M, raising liquidation risks as traders increase leverage.
- Negative spot netflows of $13.83M highlight selling pressure despite BTW’s sharp rally.
Bitway (BTW) has delivered a powerful rally, but rising leverage and persistent spot outflows create fresh questions. BTW reached about $0.6535 after gaining 77.55% within 24 hours. The token has also climbed 196.45% over the past week. Its market capitalization now stands near $1.76 billion, with daily trading volume exceeding $141 million.
However, the sharp advance has pushed BTW into a critical technical zone. Traders now face a key test near $0.645 to $0.650. A successful breakout could extend the rally toward $0.70. Conversely, rejection could trigger a deeper correction as short-term traders secure profits.
Momentum Meets Resistance
The four-hour chart shows strong bullish momentum across several indicators. BTW trades far above its 20 EMA near $0.404. It also remains above the 50 EMA at $0.327. Additionally, the 100 EMA and 200 EMA sit near $0.259 and $0.192.
This wide separation highlights the strength of the recent advance. Moreover, the Supertrend remains bullish around $0.42. However, BTW now faces resistance around $0.645 to $0.650. This region could determine whether buyers can sustain the current breakout.
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A decisive move above that barrier could expose $0.70 as the next psychological target. Meanwhile, a rejection could send BTW toward $0.542. Holding that support would preserve the broader bullish structure. A deeper decline below $0.462 could weaken the current momentum.
Open Interest Signals Rising Risk
Open interest has expanded rapidly alongside BTW’s latest price advance. The metric remained relatively quiet throughout July before accelerating in August. Significantly, open interest jumped above $200 million around August 12.
It reached approximately $222.81 million on August 19. This marks the highest reading shown on the chart. Consequently, traders appear increasingly willing to use leverage while chasing the rally.
However, expanding leverage can amplify both gains and losses. A sudden price reversal could therefore trigger widespread liquidations. Hence, elevated open interest creates another risk factor despite the strong technical setup.
Spot Flows Raise Questions
BTW’s spot market tells a different story from its price action. Outflows have remained dominant, suggesting selling pressure continues despite the sharp rally.
The largest visible outflow occurred in March and approached $65 million. More recently, netflow reached approximately negative $13.83 million on August 19. This figure shows that capital leaving the market still exceeds incoming funds.
Moreover, the divergence between price and spot flows deserves attention. Strong prices alongside negative netflows may indicate that derivatives activity contributes heavily to the rally. Consequently, sustained outflows could become more important if momentum begins fading.
Binance Wallet Campaign Adds Catalyst
Bitway also announced Booster Earn Season 5 through Binance Wallet DeFi. Eligible participants must subscribe to the Bitway U vault with at least 100 U. The campaign offers access to a $200,000 pool of BTW boosted APR rewards.
Additionally, the promotion could encourage short-term participation and increase attention around BTW. However, its longer-term impact depends on user retention and overall participation.
Technical Outlook for Bitway Price
Key levels remain clearly defined as Bitway tests its recent highs:
Upside levels: $0.650 and $0.700 represent the immediate hurdles. A sustained breakout could push BTW toward higher price discovery levels.
Downside levels: $0.542 provides the first major support, followed by $0.462 and $0.405.
Trend support: $0.405 remains important because it aligns closely with the 20 EMA and could help preserve the broader bullish structure.
The technical picture shows BTW trading in a strong upward move after breaking above its previous consolidation range. However, the sharp rally has pushed price well above its key moving averages, increasing the possibility of short-term profit-taking.
Will Bitway Go Up?
Bitway’s next move will largely depend on whether buyers can sustain momentum above the $0.645-$0.650 resistance zone. A decisive breakout could strengthen bullish sentiment and open a path toward $0.700.
However, rejection could trigger a pullback toward $0.542. Holding that level would keep the bullish setup intact, while losing $0.462 could signal deeper weakness. Moreover, elevated open interest and continued spot outflows suggest traders should expect increased volatility.
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For now, BTW remains at a pivotal level. Strong momentum favors buyers, but confirmation above resistance remains essential for the next major move.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
