Bitcoin Long

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After a large BTC’s long position surfaced, traders claimed that a Bitcoin price reversal was overdue

Bitcoin Long
Bitcoin Long / Image Credit: CRYPKYP
1662627783 08 Sep / 09:03

On September 6, as wagers poured in anticipating a quick breakout, Bitcoin (BTC) traded in an ever-shrinking range. BTC/USD remained below $20,000 for a fourth straight day, according to data from Cointelegraph Markets Pro and TradingView, with bulls failing to overcome resistance.

Two well-known social media traders spotted a continued accumulation tendency by an unidentified large-scale Binance futures trading organization as many people speculated when and how the most recent consolidation phase would end.

That company had spent several days soaking up the liquidity as regular investors sold, and the outcome was probably clear. Il Capo of Crypto, in part of an update on the phenomena, projected that there would be a "bounce forthcoming," describing the entity's long BTC position as "huge" and "easily" worth 30,000 BTC or more.

Another trading account, JACKIS, stated, “At 19,650$ at Binance futures, there is quite an interest.”

“We are witnessing positions being filled, the price rising, before a new wave of selling hits the new orders and repeats the process. Someone seems to be working hard to accumulate.

In the meantime, Material Indicators, an on-chain monitoring tool, tweeted order book data from Binance that demonstrated resistance building above into September 6.

Additionally, trader Crypto Tony urged caution because altcoin gains outpaced Bitcoin during the day. Ahead of the Merge event on September 15, Ethereum (ETH) was up 4% on the day.

As people try to take advantage of the impending merger, Bitcoin isn’t moving while Ethereum and other cryptocurrencies are, he tweeted.

“But when this occurs, these maneuvers typically result in a dump. So be cautious.”

With the U.S. dollar reaching fresh multi-decade highs against a basket of trading partner currencies, the macroeconomic attention was primarily focused on the dollar.

The euro and yen continued to lose ground as the U.S. dollar index (DXY) crossed 110.55 on the day before turning back to consolidate.

Popular macro analytics account Fejau predicted other DXY strengths as the European energy crisis developed in a somber view for the upcoming year.

On September 5, a lengthy Twitter thread predicted that the Federal Reserve would have to tame the dollar due to its extreme strength artificially.

It summed up, “We’re about to witness a sovereign debt crisis brought on by the energy crisis in Europe, all a capstone on the 100-year fiat experiment.

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