{"id":51969,"date":"2024-11-09T01:12:00","date_gmt":"2024-11-09T01:12:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/btc-price-sets-fresh-all-time-high-near-77k-long-squeeze"},"modified":"2024-11-09T09:44:49","modified_gmt":"2024-11-09T09:44:49","slug":"btc-price-sets-fresh-all-time-high-near-77k-amid-long-squeeze-fears","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51969","title":{"rendered":"BTC price sets fresh all-time high near $77K amid 'long squeeze' fears"},"content":{"rendered":"

Bitcoin (BTC) circled $76,000 on Nov. 8 as \u201chigh leverage liquidity\u201d formed around spot price.<\/p>\n

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

Bitcoin embraces Fed rate cut with trip toward $77K<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView showed modest BTC price gains mostly holding after the daily close.<\/p>\n

These came in a similar fashion to the day prior, with a sudden push during the Wall Street trading session seeing new all-time highs of just below $77,000 on Bitstamp.<\/p>\n

The volatility came as the United States Federal Reserve lowered interest rates by an expected 0.25%.<\/p>\n

After the latest meeting of the Federal Open Market Committee (FOMC), Fed chair Jerome Powell described risk factors impacting its dual inflation and employment mandate were \u201croughly in balance.\u201d<\/p>\n

\u201cRecent indicators suggest that economic activity has continued to expand at a solid pace. Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low,\u201d he summarized in prepared remarks.<\/p>\n

\u201cInflation has made progress toward the Committee’s 2 percent objective but remains somewhat elevated.\u201d<\/p><\/blockquote>\n

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

As Cointelegraph reported, markets were in no two minds over the Fed\u2019s course of action. On Nov. 8, per data from CME Group\u2019s FedWatch Tool, consensus favored a further 0.25% cut at the next FOMC meeting in mid-December.<\/p>\n

Commenting, trading resource The Kobeissi Letter argued that the Fed\u2019s \u201cpivot\u201d on interest rates could still be at risk if longer-term inflation trends were to pick up.<\/p>\n

\u201cUltimately, we expect to follow long-term inflation expectations which have not ticked higher yet,\u201d it wrote in a dedicated thread on X.<\/p>\n

\u201cHowever, if these do begin rising, as they now stand at 2.1%, we believe the \u2018Fed pivot\u2019 would be at risk. This is a big IF, but anything is possible as we head into 2025.\u201d<\/p><\/blockquote>\n

\u201cHigh leverage liquidity\u201d risks BTC price squeeze<\/h2>\n

Bitcoin meanwhile showed little sign of concern over macroeconomic minutiae as it set a new all-time high and its highest-ever daily close.<\/p>\n

Related: <\/strong><\/em>Bitcoin can go \u2018parabolic\u2019 with BTC price weekly close above $71.5K \u2014 Analysis<\/strong><\/em><\/p>\n

BTC\/USD was up 8% month-to-date at the time of writing, with Q4 gains sitting at 19.6%, as calculated by monitoring resource CoinGlass.<\/p>\n

\"\"
BTC\/USD monthly returns (screenshot). Source: CoinGlass<\/em><\/p>\n<\/figcaption><\/figure>\n

CoinGlass data also revealed liquidity building heavily either side of spot price on exchange order books.<\/p>\n

\u201cHigh leverage liquidity,\u201d the platform responded on its X account, suggesting that not trading would be the \u201cbest strategy\u201d in the current climate.<\/p>\n

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

\u201cExpecting a little pump before this overheated market makes a correction,\u201d popular trading account CryptoMutant predicted while discussing the liquidity shifts.<\/p>\n

\u201cIn case of correction, the 72,600 level must hold to keep the sentiments positive.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USDT chart. Source: CryptoMutant\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

Fellow trader CrypNuevo saw the potential for a \u201clong squeeze\u201d \u2014 a cascade of long BTC liquidations \u2014 before the weekly close.<\/p>\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) circled $76,000 on Nov. 8 as \u201chigh leverage liquidity\u201d formed around spot price. BTC\/USD 1-hour chart. Source: TradingView Bitcoin embraces Fed rate cut with trip toward $77K Data from Cointelegraph Markets Pro and … BTC price sets fresh all-time high near $77K amid 'long squeeze' fears<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51973,"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-51969","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":"\nBTC price sets fresh all-time high near $77K amid 'long squeeze' fears - 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=51969\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BTC price sets fresh all-time high near $77K amid 'long squeeze' fears - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) circled $76,000 on Nov. 8 as \u201chigh leverage liquidity\u201d formed around spot price. 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