Bitcoin shorts liquidations undercut bearish attempt, pushing price back to critical resistance level. Volatility warning ahead.
was back above $60,000 once again as sentiment improved slightly. Leveraged shorts liquidations may have had something to do with the slightly bullish outcome.
The latest data from the fear and greed index indicated a gradual recovery, with the index at 30 as per press time readings.Bitcoin’s bullish momentum may have also been fueled by the liquidation of leveraged short positions. Recent data suggested that over $2.5 billion worth of leveraged short positions wereOn-chain data from CryptoQuant showed that Bitcoin registered a 231% surge in shorts liquidations on the 12th of August.
Unsurprisingly, this price range also coincided with the 50% RSI level. This would explain why shorts were loading up near this level, in anticipation of more downside.A cocktail of low demand and shorts liquidations has kept prices within a narrow range for the last few days. However, there may also be a third reason.
The market has been looking forward to multiple economic data this week. This includes producer price data , which was released yesterday.
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