Traders appear concerned as BTC drops below $19K.
) from $19,820 to $18,960 in less than two hours. The movement caused $74 million in Bitcoin futures liquidations at derivatives exchanges, the largest in almost three weeks. The current $18,733 level is the lowest since July 13 and marks a 24% correction from the rally to $25,000 on Aug. 15.It is worth highlighting that a 2% pump toward $20,200 happened in the early hours of Sept. 6, but the move was quickly subdued and Bitcoin resumed trading near $19,800 within the hour.
The market has been in a bit of a rut since Aug. 27 comments from U.S. Federal Reserve Chair Jerome Powell wasin U.S. stocks in a single day. At the annual Jackson Hole Economic Symposium, Powell said that larger interest rate hikes were still firmly on the table, causing the S&P 500 to close down 3.4% that day.
In healthy markets, the indicator should trade at a 4% to 8% annualized premium to cover costs and associated risks. So one can safely say that derivatives traders had been neutral to bearish for the past month because the Bitcoin futures premium remained below 3% the entire time. This data reflects professional traders' unwillingness to add leveraged long positions.to exclude externalities specific to the futures instrument.
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