📌 BITCOIN ACCUMULATES HIGH RISK OF LIQUIDATION AROUND 61,000 USD AHEAD OF CPI
📊 According to Glassnode, over the past few weeks Bitcoin has accumulated a large amount of Long positions around the 61,000 USD area.
👉 If BTC suddenly dips into this zone, a wave of Long positions could be forced to close, adding selling pressure and making the downward move more intense.
📉 Notably, the 61,000–62,000 USD range is also an area that analysts expect BTC to test before any new developments occur.
🔥 The focus right now is the U.S. CPI for July, expected to be released at 19:30 tonight. The market currently expects headline CPI to fall from 3.5% to 3.4%, while Core CPI is expected to decline from 2.6% to 2.5%.
👉 A weaker-than-expected jobs report last week has somewhat eased concerns that the Fed will continue tightening. However, oil prices rebounding and hawkish statements from some Fed officials suggest the risks have not disappeared.
⚠️ If CPI comes in below or in line with expectations, the market may continue to view it as a sign that inflation is cooling. Conversely, a CPI reading higher than forecast could push rate-hike expectations back up and add more pressure on Bitcoin.
👇 HOT COIN TRADING HERE 👇
$ACE
$BICO
$EPIC
📊 According to Glassnode, over the past few weeks Bitcoin has accumulated a large amount of Long positions around the 61,000 USD area.
👉 If BTC suddenly dips into this zone, a wave of Long positions could be forced to close, adding selling pressure and making the downward move more intense.
📉 Notably, the 61,000–62,000 USD range is also an area that analysts expect BTC to test before any new developments occur.
🔥 The focus right now is the U.S. CPI for July, expected to be released at 19:30 tonight. The market currently expects headline CPI to fall from 3.5% to 3.4%, while Core CPI is expected to decline from 2.6% to 2.5%.
👉 A weaker-than-expected jobs report last week has somewhat eased concerns that the Fed will continue tightening. However, oil prices rebounding and hawkish statements from some Fed officials suggest the risks have not disappeared.
⚠️ If CPI comes in below or in line with expectations, the market may continue to view it as a sign that inflation is cooling. Conversely, a CPI reading higher than forecast could push rate-hike expectations back up and add more pressure on Bitcoin.
👇 HOT COIN TRADING HERE 👇
$ACE
$BICO
$EPIC