Bitfinex: Bitcoin's key support level is facing a test, and altcoin activity is on the rise

Bitfinex Alpha report shows that Bitcoin has been consolidating in the range of $77,100 to $81,300 over the past 20 trading days, with the current price close to the key support level at the lower end of the range. If it breaks above $81,300, the volume vacuum above may drive the price quickly up to $86,500. The options market has shifted protection to contracts expiring on September 18 ahead of the Federal Reserve's interest rate decision.

The report also points out that while Bitcoin's volatility has decreased, altcoins are performing actively, with all 29 major cryptocurrencies rising last week, Polkadot up 43%, and Zcash up 42%. The open interest in altcoin perpetual contracts has surpassed Bitcoin for the first time this week, a situation that historically often accompanies market correction risks.