{"id":22890,"date":"2022-07-15T04:01:26","date_gmt":"2022-07-15T04:01:26","guid":{"rendered":"http:\/\/egrowonline.com\/?p=22890"},"modified":"2022-07-15T04:01:26","modified_gmt":"2022-07-15T04:01:26","slug":"bitcoin-btc-rises-as-analyst-waits-for-big-short-squeeze","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=22890","title":{"rendered":"Bitcoin (BTC) Rises As Analyst Waits For ‘Big Short Squeeze’"},"content":{"rendered":"


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Major coins, including Bitcoin<\/strong>, traded in the green at press time on Thursday, as the global cryptocurrency market cap rose 2.8% to $925.2 billion.<\/p>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Price Performance Of Major Coins<\/caption>\n

<\/p>\n

Coin<\/th>\n

<\/p>\n

24-hour<\/th>\n

<\/p>\n

7-day<\/th>\n

<\/p>\n

Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

Bitcoin<\/strong> BTC\/USD<\/span><\/td>\n

<\/p>\n

1.9%<\/td>\n

<\/p>\n

-4.95%<\/td>\n

<\/p>\n

$20,569.48<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Ethereum<\/strong> ETH\/USD<\/span><\/td>\n

<\/p>\n

7.2%<\/td>\n

<\/p>\n

-3.8%<\/td>\n

<\/p>\n

$1,191.81<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Dogecoin<\/strong> DOGE\/USD<\/span><\/td>\n

<\/p>\n

0.7%<\/td>\n

<\/p>\n

-11.6%<\/td>\n

<\/p>\n

$0.06<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Top 24-Hour Gainers (Data via CoinMarketCap)<\/caption>\n

<\/p>\n

Cryptocurrency<\/th>\n

<\/p>\n

24-Hour % Change (+\/-)<\/th>\n

<\/p>\n

Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

CEEK VR<\/strong> (CEEK)<\/td>\n

<\/p>\n

+16.7%<\/td>\n

<\/p>\n

$0.38<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Aave<\/strong> (AAVE)<\/td>\n

<\/p>\n

+15.1%<\/td>\n

<\/p>\n

$91.43<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Uniswap<\/strong> (UNI)<\/td>\n

<\/p>\n

+14.58%<\/td>\n

<\/p>\n

\u200b\u200b$7<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

See Also: <\/em>How To Get Free Crypto<\/em><\/a><\/p>\n

Why It Matters: <\/strong>Risk assets, including cryptocurrencies were buoyant on Thursday evening as expectations for a 100 basis point interest rate hike tapered down.<\/p>\n

U.S. Federal Reserve<\/strong> Governor Christopher Waller <\/strong>said a 75 basis point hike is almost certain <\/a>to take place on Thursday. Waller said the market was getting ahead of itself when projecting a 100 basis point increase in interest rates.<\/p>\n

Despite the recent macroeconomic headwinds, Bitcoin has held on to the $20,000 mark, said OANDA senior market analyst Craig Erlam.<\/strong><\/p>\n

\u201cWhether [Bitcoin] can continue to swim against the tide, I’m not so sure. What we’re seeing is impressive but I struggle to see the case for bitcoin having bottomed. Time will tell,\u201d said Erlam, in a note seen by Benzinga.<\/p>\n

The dollar continues to gain amid anticipated rate hikes. The dollar index, a measure of the U.S. unit\u2019s strength against six other currencies, rose 0.2% to 108.50 on Thursday. It touched a high of 109.29, the highest level since Sep. 2002 intraday, reported<\/a> Reuters.<\/p>\n

Cryptocurrency trader Justin Bennett <\/strong>told his Twitter followers to keep an eye on the dollar index on Friday and said it would need to\u00a0 \u201cweaken to help fuel a further relief rally for\u201d cryptocurrencies.<\/p>\n

<\/p>\n

Not much $DXY<\/a> weakness so far from 108.50. Holding above it right now, in fact.<\/p>\n

One to watch on Friday.<\/p>\n

Need this to weaken to help fuel a further relief rally for #crypto<\/a>. https:\/\/t.co\/yvjCff8dth<\/a> pic.twitter.com\/czrXDFXCdI<\/a><\/p>\n


\n\u2014 Justin Bennett (@JustinBennettFX) July 14, 2022<\/a><\/p><\/blockquote>\n

Cryptocurrencies grow when there is little correlation with equities, said Santiment on Thursday. \u201cAfter yesterday’s [inflation] report, [BTC] & [alts] have been recovering while the [SP500 & Gold] drop. If they stay uncorrelated, it’s a good sign of a potential breakout,\u201d said the market intelligence platform in a tweet.<\/p>\n

<\/p>\n

#Crypto<\/a> grows at its most rapid pace when having very little correlation with #equities<\/a>. After yesterday’s #CPI<\/a> report, $BTC<\/a> & #alts<\/a> have been recovering while the #SP500<\/a> & #Gold<\/a> drop. If they stay uncorrelated, it’s a good sign of a potential breakout. https:\/\/t.co\/JmOGp1ZuaB<\/a> pic.twitter.com\/FMFgcENzbQ<\/a><\/p>\n


\n\u2014 Santiment (@santimentfeed) July 14, 2022<\/a><\/p><\/blockquote>\n

S&P 500 and Nasdaq futures traded 0.2% higher each at press time, while Bitcoin was above the key psychological level of $20,000.\u00a0<\/p>\n

See Also:\u00a0<\/em>Are Bitcoin, Ethereum About To Lead The Stock Market Higher?<\/a><\/em><\/p>\n

CryptoQuant<\/strong> CEO Ki Young Ju<\/strong> said he\u2019s waiting for a \u201cbig short squeeze.\u201d Ki pointed out that in 2020 many people punted on short positions on Bitcoin and got liquidated in the $10,000 – $20,000 range before the \u201cparabolic bull-run started.\u201d<\/p>\n

\u201cBack then, 10% of hourly buy market orders were from short liquidations. Now, it’s around 1%,\u201d said the CEO of the community-based analytics platform.<\/p>\n

<\/p>\n

Waiting for a big short squeeze.<\/p>\n

In late 2020, many people kept punting short positions on $BTC<\/a> and got liquidated in the $10k-20k range before the parabolic bull-run started.<\/p>\n

Back then, 10% of hourly buy market orders were from short liquidations. Now, it’s around 1%. pic.twitter.com\/tlVdw2RQHX<\/a><\/p>\n


\n\u2014 Ki Young Ju (@ki_young_ju) July 14, 2022<\/a><\/p><\/blockquote>\n

Read Next: <\/em>$3B In Bitcoin Will Be Released Into Market To Make Up For Hack<\/em><\/a><\/p>\n

Photo via\u00a0Mmaxer<\/a>\u00a0on Shutterstock<\/em><\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Major coins, including Bitcoin, traded in the green at press time on Thursday, as the global cryptocurrency market cap rose 2.8% to $925.2 billion. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin BTC\/USD 1.9% -4.95% $20,569.48 […]<\/p>\n","protected":false},"author":1,"featured_media":22891,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[46],"tags":[646,70,50,194,1086,1426,2310,5784],"class_list":["post-22890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-analyst","tag-big","tag-bitcoin","tag-btc","tag-rises","tag-short","tag-squeeze","tag-waits"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/07\/shutterstock_750872536.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/22890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22890"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/22890\/revisions"}],"predecessor-version":[{"id":22892,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/22890\/revisions\/22892"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/22891"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22890"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}