Let us check the market of the cryptocurrencies. Traders are exploring three main areas: Bitcoin whale buy orders at $8,800: the $10,620 CME gap, and the $9.650 CME gap. Edward Morra is a cryptocurrency trader. He explained that the CME chart has a fresh gap of 10620. Usually, most of the gaps (-90%) are filled within a few days max. Only exceptions (10%) take a long time (like $9,6 gap from July). Thus, it makes sense to assume a higher gap at 10620 gets filled first there, and then they see how it goes, added Morra.
Hitting the higher gap first, it could achieve both CME gaps if Bitcoin sees a relief rally. Nevertheless, a pseudonymous trader ‘Byzantine General,” said that there might not be enough shorts to trigger a squeeze.
Furthermore, the trader said that people are talking about a ‘squeeze.’ Nevertheless, OI dropped like a rock, and funding is the baseline.
The declining futures of the Bitcoin market’s opened interest. They repeated a retest of $10,000 to support the short-term bear case for Bitcoin. We will see if it sees a relief rally after a twenty percent drop in 23 days.
Within seven days, there was a seventeen percent drop in the Bitcoin price. Market data showed investors turn cautious after that.
Skew market data showed that investors in the Bitcoin options market are cautiously bearish in the short term as of September 8. There was a Bitcoin’s abrupt 17% drop in seven days. After, the shift in sentiment came.
Bitcoin fell below the ten thousand dollars support level for the fourth consecutive day. Some analysts said that the repeated test of the same level is a bearish sign. Meanwhile, others say that the crypto is showing resilience in a critical support area.
BitMEX rarely saw long contract liquidations total above fifty million dollars throughout the recent pullbacks.
BitMEX sees liquidations above $80 and $100 million. It is typically when the price falls by five and fifteen percent.
That is the current news of the crypto-market.