BTC price dips 3.5% as ‘overheated’ Bitcoin derivatives spark angst

Bitcoin (BTC) broke below $35,000 after the Nov. 2 Wall Street open as analysis warned of “overheated” derivatives.

BTC/USD 1-hour chart. Source: TradingViewBitcoin undoes post-Fed gains

Data from Cointelegraph Markets Pro and TradingView tracked a retreating BTC price as it erased ground it reclaimed overnight.

The largest cryptocurrency had hit new 18-month highs of $35,968 on Bitstamp before consolidating — a process which was gathering momentum at the time of writing.

The highs had come on the back of encouraging language from Jerome Powell, Chair of the United States Federal Reserve, who in a speech suggested that interest rate hikes might soon end.

The Fed opted not to change…

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