{"id":51539,"date":"2024-08-30T01:23:00","date_gmt":"2024-08-30T01:23:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-traders-wait-62k-3-btc-price-gains-liquidity"},"modified":"2024-08-30T04:08:52","modified_gmt":"2024-08-30T04:08:52","slug":"bitcoin-traders-wait-for-62k-as-3-btc-price-gains-eat-up-liquidity","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51539","title":{"rendered":"Bitcoin traders wait for $62K as 3% BTC price gains eat up liquidity"},"content":{"rendered":"

Bitcoin (BTC) sought to reclaim $60,000 around the Aug. 29 Wall Street open as United States macro data spared bulls major volatility.<\/p>\n

BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

BTC price shows strength on US macro data<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView tracked local highs of $60,845 on Bitstamp, marking BTC price gains of 3% on the day.<\/p>\n

These came as US jobless claims and GDP figures broadly adhered to expectations, with the former narrowly missing the forecast levels.<\/p>\n

The numbers had little impact on market expectations for future financial policy changes, and the latest estimates from CME Group\u2019s FedWatch Tool showed markets continuing to bet on a 0.25% interest rate cut by the Federal Reserve in September.<\/p>\n

Fed target rate probabilities. Source: CME Group<\/em><\/figcaption><\/figure>\n

\u201cWe believe that any dip in equities (and crypto) will be short-lived,\u201d trading team QCP Capital told Telegram channel subscribers the day prior.<\/p>\n

\u201cWith Powell and the Fed ready to kickstart a rate-cutting cycle, increased liquidity will eventually push risk assets higher. We are finally on the cusp of a rate-cutting cycle.\u201d<\/p><\/blockquote>\n

BTC liquidation heatmap (screenshot). Source: CoinGlass<\/em><\/figcaption><\/figure>\n

BTC\/USD thus aimed to provide light relief to those hoping for upside continuation.<\/p>\n

Data from monitoring resource CoinGlass revealed attempts to block that upside with liquidity struggling on short timeframes.<\/p>\n

\u201cWill it hold?\u201d trading resource Material Indicators queried in part of an accompanying X post about the liquidity shifts.<\/p>\n

Referencing an ongoing support retest on weekly timeframes, popular trader and analyst Rekt Capital remained confident.<\/p>\n

\u201cSo far, so good,\u201d he summarized.<\/p>\n

\u201cThe retest continues to be successful as the week goes on. Bitcoin has also been forming Higher Lows since early July.\u201d<\/p><\/blockquote>\n

BTC\/USD 1-week chart. Source: Rekt Capital\/X<\/em><\/figcaption><\/figure>\n

Bitcoin trader warns of “predatory” environment<\/h2>\n

Looking ahead, fellow trader Jelle emphasized price reclaiming $62,000\u2014an area where liquidity has nonetheless thinned out in recent days.<\/p>\n

Related:\u00a0Bitcoin price at 11x S&P 500 signals BTC is \u2018rolling over\u2019 \u2014 Analyst<\/em><\/strong><\/p>\n

\u201cEnvironment remains predatory, which means your best bet remains to sit on your hands,\u201d he nonetheless acknowledged.<\/p>\n

\u201cAbove $62,000 — could turn into a stronger trending move again.\u201d<\/p><\/blockquote>\n

BTC\/USDT 4-hour chart. Source: Jelle\/X<\/em><\/figcaption><\/figure>\n

An earlier post eyed a higher low in the making while also flagging $65,000 as a key level to revisit should strength sustain.<\/p>\n

Source: Jelle<\/em><\/figcaption><\/figure>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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

Bitcoin (BTC) sought to reclaim $60,000 around the Aug. 29 Wall Street open as United States macro data spared bulls major volatility. BTC\/USD 1-hour chart. Source: TradingView BTC price shows strength on US macro data … Bitcoin traders wait for $62K as 3% BTC price gains eat up liquidity<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51541,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin traders wait for $62K as 3% BTC price gains eat up liquidity - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51539\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin traders wait for $62K as 3% BTC price gains eat up liquidity - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) sought to reclaim $60,000 around the Aug. 29 Wall Street open as United States macro data spared bulls major volatility. 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