Crypto:
30601
Bitcoin:
$58.786
% 2.46
BTC Dominance:
%53.3
% 0.09
Market Cap:
$2.13 T
% 0.20
Fear & Greed:
25 / 100
Bitcoin:
$ 58.786
BTC Dominance:
% 53.3
Market Cap:
$2.13 T

Bitcoin Analysts Warn of Long Squeeze This Week, Eyes Key Data Releases

Bitcoin, Downtrend

Bitcoin analysts have warned of a potential long squeeze this week, coinciding with the release of key macro data.

Spot Bitcoin ETFs in the US had set a record by growing for 19 consecutive days before losing the streak at the start of this week.

Long Squeeze Warning

After the streak was broken, K33 Research analysts said that investors on the CME exchange have been updating their positions to reduce risk. However, investors outside the US are still taking on a lot of risk.

Bitcoin, long squeeze, macro data, inflation, FOMC, Jerome PowellIt has been stated that a long squeeze could occur in the short term, along with the macro data to be released this week.

Leveraged positions used in perpetual futures contracts in Bitcoin have risen to 260,000 BTC after two weeks of growth.

“Traders who have been bullish over the past two weeks are now underwater, the value of open positions has increased by 32,000 BTC compared to the last time Bitcoin traded at these levels,” analysts said.

Developments That Will Affect the Price the Most

The price of Bitcoin was affected by non-farm employment data released in the US last week. Market eyes are now on inflation data coming out of the US this week.

“The FOMC’s dot plot and Jerome Powell’s press conference that will shed light on the future will probably be the most concrete things that affect the price, as Bitcoin continues to show sensitivity to the market’s interest rate expectations,

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