Binance Futures Entity Accumulating for Days, Result Could be Significant Squeeze
Analysts believe that a Binance futures entity has been accumulating for days, and the result could be a significant squeeze.
It looks like bitcoin is gearing up for a big move, with traders betting on an imminent breakout. The digital currency has been trading in a narrow range recently, but that could all change soon. Stay tuned to see where bitcoin goes next.
Binance's futures platform is attracting a lot of interest from BTC holders.
It is clear that the bulls have failed to crack resistance at $20,000 and that BTC/USD is staying under this level for a fourth consecutive day. This is a bearish sign and it remains to be seen if the bears can take control and push prices lower.
As the cryptocurrency market enters another consolidation phase, some traders are noticing an accumulation trend by an unknown large-scale entity. This could be a sign that the market is about to take off again, or it could be a false indicator. Only time will tell.
As retail investors continue to sell off their holdings, the markets have become increasingly volatile. With entities soaking up the liquidity, it is clear that the result will be more instability and less confidence in the markets.
The Capo of Crypto is bullish on Bitcoin, predicting that the price could easily reach $30,000 per BTC or more. The Capo's long BTC position is "massive" and well worth the investment, according to the update. This is good news for Bitcoin investors and enthusiasts, as the Capo's predictions have been accurate in the past.
And even more. Big long position there. Massive.
— il Capo Of Crypto (@CryptoCapo_) September 6, 2022
Bounce incoming. https://t.co/ENOo2HLCXv pic.twitter.com/OiaTagLzZP
There is a lot of interest in Binance futures at 19,650$, according to fellow trading account JACKIS. This is a great development for the cryptocurrency exchange, as more interest will likely lead to more trading activity and more overall growth.
“We are seeing the positions filled, the price goes, up, then a new wave of selling comes in, hit the new orders again and repeat. Looks like someone accumulating hard.”
The data from Binance's order book that was uploaded to Twitter by on-chain monitoring resource Material Indicators showed that there was resistance building overhead into Sep. 6. This is a positive development, as it indicates that the market is stabilizing and that traders are becoming more confident.
It is indeed true that altcoins have been outperforming Bitcoin in recent days. However, caution is still advised as Ethereum (ETH) gears up for its highly anticipated Merge event on September 15th.
I believe that the current market conditions are due to the upcoming merge of Bitcoin and Ethereum. People are trying to make the most of this opportunity, and that is why we are seeing Ethereum and altcoins move while Bitcoin remains relatively stagnant. This is a smart move on the part of investors, and I believe we will see continued growth in the altcoin market as a result.
“But these moves usually end in a dump, when this happens. So be cautious.”
Dollar keeps pressure on economy
It's been a volatile few months for the U.S. dollar, but it looks like it's finally stabilizing at higher levels against a basket of trading partner currencies. This is good news for American businesses and consumers, as it means that prices for imported goods will remain relatively low.
As Bitcoin prices continue to hover around the $20,000 mark, many are wondering what the next few weeks will hold for the world's most popular cryptocurrency. Here are five things to watch out for in the world of Bitcoin: 1.
The dollar's rally continues unabated, with the DXY index passing 110.55 on the day. This lays further waste to the euro and yen, which are struggling to keep pace with the dollar's strength.
GM fam. ☕️
— Justin Bennett (@JustinBennettFX) September 6, 2022
This week is all about the $DXY.
If this rising wedge breaks down, we should get short-term relief for #stocks and #crypto.
Testing resistance now. $BTC $ETH pic.twitter.com/AUoQGaL14f
Looking ahead to the coming year, popular macro analytics account Fejau forecast ongoing DXY strength as the European energy crisis unfolded. This would provide support for the US economy, but would also put pressure on European economies as they struggled to cope with high energy prices.
The Federal Reserve, according to an extensive Twitter thread from Sep. 5, would face such dollar strength that it would be necessary to tame it artificially. This would be done in order to keep the economy stable and protect against inflation.
There's no doubt that we're facing a sovereign debt crisis in the near future, caused by the Europe energy crisis. This is the culmination of 100 years of fiat currency experiment, and it's about to come crashing down.
