{"id":6758,"date":"2022-08-29T16:48:21","date_gmt":"2022-08-29T16:48:21","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=6758"},"modified":"2022-08-29T16:48:21","modified_gmt":"2022-08-29T16:48:21","slug":"bitcoin-shorts-liquidated-total-9-million-as-btc-moves-back-above-20000","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=6758","title":{"rendered":"Bitcoin shorts liquidated total $9 million as BTC moves back above $20,000"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>Bitcoin bulls stepped in to stop the price decline on Aug. 29, at 14:00 UTC, spiking BTC as high as $20,300 in the process. The move was accompanied by substantial volume on the hourly chart.<\/p>\n<p>The local downtrend, which bottomed at $19,500 in the early hours of Monday, was triggered by a speech at Jackson Hole, Wyoming, given by Jerome Powell on Friday. The Fed Chair stated that central banks must bear the burden of tackling inflation.<\/p>\n<p>Markets interpreted Powell\u2019s words to mean there is little the Fed can do in its fight to reign in runaway inflation \u2013 which remains stuck at 40-year highs.<\/p>\n<p>The next FOMC meeting will take place on September 20-21, with the odds on a third consecutive 75 basis point hike up to two-to-three per Euro zone money markets.<\/p>\n<h2>Bitcoin shorts liquidated<\/h2>\n<p>Despite the implications of Powell\u2019s speech, crypto bulls fought back to send Bitcoin back above $20,000.<\/p>\n<p>Since the Terra collapse, there have now been five distinct occasions when BTC lost $20,000, only for bulls to recover this key psychological level.<\/p>\n<p>Coinglass showed that $9 million in Bitcoin shorts was liquidated as BTC moved higher. The asset is currently trading at +4% above the $19,500 local bottom.<\/p>\n<p>Source: Coinglass.com<\/p>\n<p>Nonetheless, sentiment remains fearful, with macro factors weighing heavy on all markets, including news of record energy prices across the Eurozone.<\/p>\n<h2>Stocks feeling the pinch<\/h2>\n<p>U.S. stocks slumped as investors adjusted their expectations in line with Powell\u2019s Jackson Hole speech last Friday.<\/p>\n<p>The Nasdaq dropped as much as 1% on expectations that rising yields and interest rate hikes will negatively impact the tech sector. The S&amp;P 500 fared marginally better, experiencing a 0.5% drop on the opening of U.S. trading.<\/p>\n<p>Meanwhile, gold performed as expected in a difficult trading environment. It is currently up +0.2% to $1,753 per ounce.<\/p>\n<p>Posted In: Bitcoin, Analysis<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/bitcoin-shorts-liquidated-total-9-million-as-btc-moves-back-above-20000\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin bulls stepped in to stop the price decline on Aug. 29, at 14:00 UTC, spiking BTC as high as $20,300 in the process. The move was accompanied by substantial volume on the hourly chart. The local downtrend, which bottomed at $19,500 in the early hours of Monday, was triggered by a speech at Jackson [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-6758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6758"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6758\/revisions"}],"predecessor-version":[{"id":6760,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6758\/revisions\/6760"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/6759"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}