The world’s largest cryptocurrency Bitcoin (BTC) came under pressure on Tuesday, May 14, dropping 1% and slipping under $62,000 amid concerns over the US macroeconomic data. As per CoinGlass data, more than $100 million in Bitcoin long positions liquidated over the past 24 hours.
Bitcoin Short Covering Soon?
HODL15Capital recently provided insights into recent Bitcoin on-chain activity, shedding light on potential market trends. As per the observations, holders of less than 1 BTC have continued selling, marking a consistent trend. However, a notable development emerged as the cohort holding 100 or more BTC recorded a net negative activity—a rarity in recent times.
HODL15Capital speculates on the involvement of hedge funds, suggesting that some may be shorting Bitcoin in anticipation of unfavorable Consumer Price Index (CPI) numbers due for release. If this speculation holds true, a subsequent short covering could lead to a significant market reaction, characterized by a rapid surge

Czytaj więcej

We współpracy z: https://coingape.com/bitcoin-btc-short-covering-soon-as-us-cpi-numbers-could-surprise-predicts-analyst/