Bitcoin sell off leads to $20M in longs liquidated
Bitcoin bears have dipped the price as low as $19,600 within the last hour, giving back most of yesterday’s gains. The next level of support is at the $19,200 level. However, with macro concerns, namely runaway inflation and the Fed’s perceived inability to tackle the problem, some analysts expect BTC to fall lower than the previous $17,600 local bottom, which was hit on June 18.
Meanwhile, according to Glasscoin, the move down was accompanied by $20.28 million in longs liquidated. Choppy price action had led to $9 million in shorts liquidated on Aug. 29. Data from Glassnode on Deribit’s Bitcoin Open Interest by Strike price, for Aug. 31, shows puts at $19,500 as the most popular call by traders. Strike price refers to the price at which a put or call can be exercised, suggesting traders expect the BTC price to fall below $19,500 and wish to sell their contract holdings.
Source
https://t.me/Crypto_Bitcoin_Blockchain
