Bitcoin's recent attempt to surpass $60,000 was met with strong resistance, resulting in a 2.6% drop to $58,450.
This decline follows a significant increase in short positions, with volumes rising 118% to $18.3 billion across various exchanges. High-leverage positions, particularly on Binance, are at risk of liquidation, indicating potential market volatility.
My guess is all those 50x and 100x leveraged shorts on Binance will be wiped out soon 👇 We see you lads 🤷♂️ pic.twitter.com/MKuvUvGZJC
— HODL15Capital 🇺🇸 (@HODL15Capital) August 19, 2024
In the past day, over $77 million in cryptocurrency positions were liquidated, with Ethereum contributing $19.5 million to this total.
ETF flows into Bitcoin and Ethereum funds have been tepid recently. Bitcoin ETFs had a modest net inflow of $32.5 million, but saw significant outflows from Grayscale’s GBTC. In contrast, Ethereum ETFs faced net outflows of $1.4 million, despite some inflows into funds managed by BlackRock and Fidelity.
The focus now shifts to the upcoming FOMC meeting and statements from Federal Reserve Chair Jerome Powell, which could influence Bitcoin’s price in the near term.
Alphractal, a cryptocurrency analysis firm, has voiced concerns about Bitcoin’s current market trajectory, suggesting it may be on the verge of entering a bear market phase.
Recent blockchain data reveals that a segment of Bitcoin investors has started selling off assets to lock in profits following a recent price surge.
CryptoCon confidently predicted an imminent bull market for Bitcoin, downplaying concerns of a recession or prolonged bear market.
Jeff Kendrick, global head of digital asset research at Standard Chartered, predicts Bitcoin could reach $200,000 by the end of 2025, regardless of the outcome of the 2024 US presidential election.