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Tuesday, August 9, 2022

Bitcoin Still Struggling To Flip $24K For Support: Traders Stacking Sats

According to BTC future and stablecoin margins data, whales remain solid, even though the price of Bitcoin failed to hold above $24,000.

Following the U.S. Federal Reserve’s move to increase interest rates on July 27, Bitcoin (BTC) gained momentum. Investors viewed Jeremy Powell, chairman of the Federal Reserve, as more dovish than at the last FOMC committee meeting, indicating that the worst of tight fiscal plans may have passed.

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The U.S. personal consumption expenditures price (PCE) indicator, which increased 6.8% in June, was another good news for risk assets. The reduction in rewards for fixed-income securities was the greatest since January 1982. Because the PCE measures changes in prices for products and services that the general public consumes, it provides a more comprehensive picture of inflation pressures than other measures used by the Federal Reserve.

Amazon said it is quarter financial results exceeded the $119.5 billion projected revenue by 1.4 percent, which is further good news. Additionally, Apple reported its 2Q earnings on the same day, revealing earnings that were 3.4 percent higher than the market average while matching analyst revenue forecasts.

Market In Shock Watching Bullish Bets On Bitcoin From Pro Traders: 

Exchange-provided statistics highlight the long-to-short net positioning of traders. One can determine whether experienced traders are tilting bullish or bearish by looking at each client’s stake on the spot, perpetual, and futures contracts.

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Viewers should focus on changes rather than absolute numbers because there are occasionally differences in the methodology used by different exchanges.

Top investors on Binance, Huobi, and OKEx have raised their leverage longs despite Bitcoin’s 14% fall from July 20 to July 26. To be more precise, the top traders’ long-to-short ratio on Binance was the sole exchange to see a slight decline, going from 1.22 to 1.20.

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