$BTC Today is going to be a very volatile day.
Clearly, risk assets are being temporarily sold off now because CPI data came in higher than expected.
We’re now seeing positions build back up, many of them short positions. Of course, that doesn’t necessarily mean these shorts will get squeezed, but this usually leads to increased volatility for the rest of the day.
A short squeeze could get interesting if we reclaim $83K+, which is roughly the average entry price for these positions.
So keep a close eye on that level.
Clearly, risk assets are being temporarily sold off now because CPI data came in higher than expected.
We’re now seeing positions build back up, many of them short positions. Of course, that doesn’t necessarily mean these shorts will get squeezed, but this usually leads to increased volatility for the rest of the day.
A short squeeze could get interesting if we reclaim $83K+, which is roughly the average entry price for these positions.
So keep a close eye on that level.