Bitcoin Price Falls Below $19,000 As Data Shows Professional Traders Avoid Long Leverage

BTC plunged to lowest level since July 13, but data shows pro traders remain skeptical of a quick recovery .
Market analysis
A surprise $860 price correction on September 6 took Bitcoin (BTC) from $19,820 to $18,960 in less than two hours. The move prompted $74 million in Bitcoin futures liquidations on derivatives exchanges, the largest in nearly three weeks. The current level of $18,733 is the lowest since July 13 and marks a 24% correction from the rally to $25,000 on August 15.

Bitcoin/USD 30 minute price. Source: TradingView
It should be noted that a 2% pump towards $20,200 occurred in the early hours of September 6, but the move was quickly subdued and Bitcoin resumed trading near $19,800 within the hour. . Ether (ETH) price action was more interesting, gaining 7% in the 48 hours leading up to the market correction.

Any conspiracy theories about investors changing their stance to favor the altcoin can be dismissed as Ether fell 5.6% on Sept. 6, while Bitcoin's $860 loss represents a change of 3. 8%.

The market has been in a bit of a rut since comments by US Federal Reserve Chairman Jerome Powell on August 27 were followed by a $1.25 trillion loss in US stocks in one daytime. At the annual Jackson Hole Economics Symposium, Powell said bigger interest rate hikes were still on the table, which sent the S&P 500 down 3.4% that day.

Let's take a look at crypto derivatives data to understand if investors have priced the odds of a downturn higher.

Retail traders generally avoid quarterly futures because of their price difference to spot markets. However, they are the instruments of choice for professional traders because they avoid

Crypto Sep 7, 2022 0 70 Add to Reading List

Bitcoin Price Falls Below $19,000 As Data Shows Professional Traders Avoid Long Leverage

BTC plunged to lowest level since July 13, but data shows pro traders remain skeptical of a quick recovery .

Bitcoin price falls under $19K as data shows pro traders avoiding leverage longs

Market analysis

A surprise $860 price correction on September 6 took Bitcoin (BTC) from $19,820 to $18,960 in less than two hours. The move prompted $74 million in Bitcoin futures liquidations on derivatives exchanges, the largest in nearly three weeks. The current level of $18,733 is the lowest since July 13 and marks a 24% correction from the rally to $25,000 on August 15.

It should be noted that a 2% pump towards $20,200 occurred in the early hours of September 6, but the move was quickly subdued and Bitcoin resumed trading near $19,800 within the hour. . Ether (ETH) price action was more interesting, gaining 7% in the 48 hours leading up to the market correction.

Any conspiracy theories about investors changing their stance to favor the altcoin can be dismissed as Ether fell 5.6% on Sept. 6, while Bitcoin's $860 loss represents a change of 3. 8%.

The market has been in a bit of a rut since comments by US Federal Reserve Chairman Jerome Powell on August 27 were followed by a $1.25 trillion loss in US stocks in one daytime. At the annual Jackson Hole Economics Symposium, Powell said bigger interest rate hikes were still on the table, which sent the S&P 500 down 3.4% that day.

Let's take a look at crypto derivatives data to understand if investors have priced the odds of a downturn higher.

Retail traders generally avoid quarterly futures because of their price difference to spot markets. However, they are the instruments of choice for professional traders because they avoid