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Bitcoin attempts a rebound into a cluster of shorts as market expectations flip bearish on BTC and altcoins.<\/p>\n<\/li>\n
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Speculative ETH traders form the largest-ever leveraged short postion, per data from CME Group.<\/p>\n<\/li>\n
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Crypto traders could be de-risking ahead of the US Federal Reserve\u2019s Jackson Hole symposium.<\/p>\n<\/li>\n<\/ul>\n
Bitcoin returned to $116,000 after Monday\u2019s Wall Street open as bulls fought to set off a short squeeze.<\/p>\n
BTC\/USD one-hour chart. Source: Cointelegraph\/TradingView<\/em><\/figcaption><\/figure>\n BTC, ETH price charts show shorts now at risk<\/h2>\n
Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD stemming overnight losses, which saw a retreat to near $115,000.<\/p>\n
The cross-crypto sell-off had liquidated around $500 million in long positions in 24 hours at the time of writing, per data from CoinGlass.<\/p>\n
Crypto liquidations (screenshot). Source: CoinGlass<\/em><\/figcaption><\/figure>\n Traders, already wary of market weakness, continued to forecast fresh lows for Bitcoin and altcoins.<\/p>\n
\u201cThis is probably the worst case scenario for $BTC now. It’ll continue to consolidate between $112K-$120K in Q3, while alts will head higher,\u201d popular trader BitBull wrote in part of his latest X analysis.\u00a0<\/p>\n
\u201cWe could even see a capitulation wick below $112K, just like we had a pump above $124K.\u201d<\/p><\/blockquote>\n
BTC\/USDT one-day chart. Source: BitBull\/X<\/em><\/figcaption><\/figure>\n \n\n\n Crypto investments are risky and highly volatile. Tax may apply. Understand the riskshere<\/p>\n<\/section>\n<\/div>\n<\/div>\n
Crypto trader, analyst and entrepreneur Micha\u00ebl van de Poppe agreed.<\/p>\n
\u201cIf Bitcoin doesn’t break $116.8K, I assume we’ll see a sweep of the lows, and that’s going to be the moment that everyone says ‘start of bear market’, then you buy,\u201d he summarized.<\/p>\n
BTC\/USDT six-hour chart. Source: Micha\u00ebl van de Poppe\/X<\/em><\/figcaption><\/figure>\n Exchange order books nonetheless revealed that many traders held a more categorical view of short-term price action.<\/p>\n
Speculative Ether traders, finance and trading resource Barchart noted on the day, had now built the largest-ever leveraged short position on the altcoin.<\/p>\n
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Speculators have now built the largest leveraged Ethereum $ETH short position in history \ud83d\udea8\ud83d\udea8 pic.twitter.com\/CRKS2YgZAk<\/p>\n
\u2014 Barchart (@Barchart) August 18, 2025<\/p><\/blockquote>\n
Some saw the potential for a short squeeze to come next, with X analytics accounts focusing on both BTC and a \u201ccluster\u201d of ETH shorts.<\/p>\n
CoinGlass confirmed that a key short liquidation level for BTC\/USD was at $116,500.<\/p>\n
BTC liquidation heatmap. Source: CoinGlass<\/em><\/figcaption><\/figure>\n Jackson Hole tipped for Fed rate-cut hints<\/h2>\n
Considering the reasons for the drawdown, trading firm QCP Capital pointed to macroeconomic factors.<\/p>\n
The US Federal Reserve\u2019s annual Jackson Hole symposium this week is a classic de-risking event for traders, it said, while inflation remains a hot topic.<\/p>\n
\u201cSideways trade seems likely, with dips near 112k attracting buyers and rallies toward 120k meeting supply, at least until Friday when Fed Chair\u202fJerome\u202fPowell takes the stage,\u201d it forecast in its latest \u201cAsia Color\u201d post.\u00a0<\/p>\n
\u201cThursday\u2019s higher\u2011than\u2011expected PPI numbers (producer prices jumped 0.9% month\u2011on\u2011month against a 0.2% forecast) have complicated the Fed\u2019s policy framework, so the market will be looking for hints on the Fed\u2019s thinking ahead of its September policy meeting.\u201d<\/p><\/blockquote>\n
QCP added that Powell\u2019s 2024 Jackson Hole speech had contained useful points for future policy easing.<\/p>\n
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