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Bitcoin, Ether target late shorts in the middle of crypto price rebounding


Basic Points:

  • Bitcoin tries a rebound in a cluster of shorts as market expectations Flip Bearish at BTC and Altcoins.

  • ETH entrepreneurs make up the largest-ever leveraged short postion, each data from the CME group.

  • Crypto entrepreneurs can be de-risking leading the Jackson Hole Symposium of the US Federal Reserve.

Bitcoin (Btc) Back to $ 116,000 after Monday Wall Street Open as the Bulls fought to end a short squeeze.

BTC/USD one hour chart. Source: Cointelegraph/TradingView

BTC, ETH price charts show shorts now at risk

Data from Cointelegraph Markets Pro and Tradingview BTC/USD stemming overnight losses showed, seeing a retreat to near $ 115,000.

Cross-Crypto Sell-off became liquid around $ 500 million in a long position to 24 hours at the time of writing, per data from Coinglass.

Crypto liquidations (screenshot). Source: Coinglass

Entrepreneurs, who have been cautious of the market weakness, have continued to forecast fresh lows for Bitcoin and Altcoins.

“This is probably the worst case situation for $ BTC today. It will continue to be included Latest X Analysis.

“We can still see a capitulation wick below $ 112k, as we have a bomb above $ 124k.”

BTC/USDT one day chart. Source: Bitbull/x

Crypto trader, analyst and businessman Michaël Van de Poppe came together.

“If Bitcoin doesn’t break $ 116.8k, I assume we can see a sweep of lows, and that will be the moment everyone says ‘Start of Bear Market’, then you buy,” he he he he he he Summary.

BTC/USDT six -hour chart. Source: Michaël van de poppe/x

However, Exchange Order books have declared that many merchants held a more category view of short -term price action.

Speculation -haka ether (Eth) Barchart’s businessmen, financial and trade resources have been mentioned during the day, have now set up the largest-ever leveraged short position in Altcoin.

Some have seen the potential for a short squeeze that will come next, including the X Analytics account Focused to both BTC and a “Cluster” of eth shorts.

Coinglass has confirmed that a major short degree of extermination for BTC/USD is at $ 116,500.

BTC Liquidation Heatmap. Source: Coinglass

Jackson hole tipped for fed rate-cut hints

Considering the reasons for the drawdown, the trading firm QCP Capital points to macroeconomic factors.

Related: Dip consumers threw the train, ‘5 things to know in Bitcoin this week

The annual Jackson Hole Symposium of the US Federal Reserve this week is a classic de-risk event for merchants, it said, while inflation remains a hot topic.

“The trade seems likely, with dips near 112K attracting consumers and rallies to the 120k meeting supply, at least Friday when feed chair Jerome Powell takes on stage,” it is expected in the latest “Color Asia”Post.

“The higher – than the expected PPI numbers (the manufacturer’s prices jumped 0.9% months – in the month against a 0.2% forecast) complicated the Fed policy framework, so the market was looking for clues to the Fed’s thinking before the September policy meeting.”

QCP added that Powell’s 2024 Jackson Hole Speech contains unique points for future policy policy.

This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.