Analysts Revealed and Warned What Will Affect Bitcoin the Most This Week
Bitcoin analysts announced that there may be a long squeeze in the market with the macro data to be announced this week.
Spot Bitcoin ETFs in the US lost the streak earlier this week, after growing for a record-breaking 19 days in a row.
Long squeeze warning
K33 Research analysts said that after the streak was broken, investors on the CME exchange updated their positions to be less exposed to risk. But investors outside the U.S. still take a large amount of risk.
It was stated that there may be a long squeeze in the short term with the macro data to be announced this week.
Leveraged positions used in perpetual futures contracts in Bitcoin have reached up to 260 thousand BTC after two weeks of growth.
“Traders who have been bullish for the last two weeks are now underwater, with the value of open positions increasing by 32,000 BTC compared to the last time Bitcoin was trading at these levels,” analysts said.
Developments that will affect the price the most
Bitcoin price was affected by the non-farm employment data announced in the USA last week. All eyes in the market are on the inflation data coming from the USA this week.
“The FOMC's dot chart and Jerome Powell's press conference to guide the future will likely be the things that most tangibly impact the price, as Bitcoin remains sensitive to the market's interest rate expectations,” K33 analysts said.