What a difference a day makes — Bitcoin dives to new July lows hours after its highest since 2022.
“Needs to flip back up here, otherwise $28,500 scenario seems likely for Bitcoin. Markets expecting a rate hike due to positive unemployment data.”Van de Poppe referenced strong United States employment data released prior to the Wall Street open, which boosted already high market expectations that the Federal Reserve would hike interest rates again later in July.Fed target rate probabilities chart.
Source: CME GroupWith open interest getting wiped on the return below $30,000, overall liquidations nonetheless remained cool.According to data from monitoring resource CoinGlass, combined long and short liquidations on BTC stood at $43 million for July 6. Cross-crypto liquidations totaled around $120 million.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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