The post Bitcoin Traders Could Be Forced to Liquidate Positions, Warns Peter Brandt appeared first on Coinpedia Fintech News
The Bitcoin market continues to give neutral signals despite the weekly death cross that occurred during the weekend. Up approximately 2 percent in the past 24 hours, the top digital asset is exchanging around $22,127 on Wednesday. With over $81 million liquidated in the crypto market, about $23 million involved Bitcoin pairs. The spike on Tuesday is largely attributed to the CPI data that came in hotter than forecasts.
As the Fed continues to tighten monetary policies to curb the high inflation, crypto traders anticipate more choppy markets ahead. Moreover, the increased fear due to regulatory crackdowns in the United States could further exacerbate the selling pressure.
Notably, the SEC has argued that crypto staking and stablecoins programs should be registered as securities. As such, crypto liquidity is expected to crunch down in the coming quarters.
“Cryptos are weakening as every trader worries about how crippling this SEC wave will be with the cracking down on staking products and stablecoins,” said Edward Moya, an analyst at broker Oanda. “The news flow has been rather bearish for crypto.”
Closer Look at Bitcoin Analysis
The Bitcoin price action is heavily monitored due to its effect on the altcoin market and the general crypto trend. While the short-term price action remains undecided, most analysts are bullish on Bitcoin’s long-term success.
For instance, Ark Invest’s Cathy Woods has reiterated severally that Bitcoin is bound to hit $1 million in the next decade. Robert Kiyosaki, the author of Rich Dad Poor Dad, has indicated that Bitcoin will trade at $500k by 2025.
On a short-term basis, Veteran Trader Peter Brandt has asserted that Bitcoin could be forming a 3-day trailing stop rule signal. Notably, the trailing stop rule is a risk management strategy formed when a daily candle closes higher than the high of the candle that created the present low (the set-up day) and is validated when the next daily candle breaks the set-up day high (the trigger day).
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