The 83,000 round-number level just held, and yet the price is down only 0.07% over the past 24 hours.
I checked the funding rate: still positive at 0.0063%. Open interest stands at 93,714 coins, worth $7.78 billion, and the long/short ratio is 1.46—or 1.54 among large traders—so leveraged longs clearly outnumber shorts.
The current price of 83,016 is 42% of the way up the 7-day range from 80,393 to 86,698. The range is just 2.3%, and trading volume of $1.039 billion isn’t particularly lively.
I also just saw a $1.65 million long position get liquidated at 82,533. Leveraged traders are getting shaken out.
A whale swapped $BTC for 16,704 coins of $ETH over the past 22 hours, worth $42.46 million.
My read is that long positions are getting crowded. In the short term, I’ll first watch to see whether 81,300 holds, and wait for the CPI data before deciding what to do.
I checked the funding rate: still positive at 0.0063%. Open interest stands at 93,714 coins, worth $7.78 billion, and the long/short ratio is 1.46—or 1.54 among large traders—so leveraged longs clearly outnumber shorts.
The current price of 83,016 is 42% of the way up the 7-day range from 80,393 to 86,698. The range is just 2.3%, and trading volume of $1.039 billion isn’t particularly lively.
I also just saw a $1.65 million long position get liquidated at 82,533. Leveraged traders are getting shaken out.
A whale swapped $BTC for 16,704 coins of $ETH over the past 22 hours, worth $42.46 million.
My read is that long positions are getting crowded. In the short term, I’ll first watch to see whether 81,300 holds, and wait for the CPI data before deciding what to do.