Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

NewsBTC 2022-08-30 18:46:52

Data Shows: Traders Unconvinced Of Crypto Bounces, Will Shorts See Pain?

After briefly re-testing higher levels, Bitcoin and the crypto market retraced and gave back the gains obtained over yesterday’s trading session. The general sentiment in the market has been negative, with a large majority of participants expecting further losses. Related Reading: WATCH: Bitcoin Versus DXY And The Dangerous TD9 Setup | Daily TA August 30, 2022 At the time of writing, the price of Bitcoin trades at $19,600 with 3% and 8% in losses over the past 24 hours and 7 days, respectively. The first crypto by market cap is one of the worst performers in the market, only surpassed by Dogecoin and Ethereum with a 4% and 3.7% loss over the last day. On the daily chart, the total crypto market cap was consolidating between $800 billion and $1.2 trillion coming in from a massive crash during April and June. The sector was trending upwards and finding support on a trendline that was pierced over the past week. Thus, the sector might be unable to sustain its current levels as the daily chart hints at further losses and a potential re-test of its June lows somewhere around $800 billion. Data from research firm Santiment highlights an important spike in short positions as digital assets trend lower. As seen in the chart below, traders have been shorting the price of Bitcoin as the price consolidates. This has led to sudden spikes in funding rates taking them into the positive-negative territory, meaning traders are expecting ...

freebitcoin
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.