BTC whales and market makers are holding their leveraged long positions despite many failed attempts to break the $17,250 resistance. Will this week’s interest rate hike and comments from the Federal Reserve alter their resolve?
) failed to break above the $17,250 resistance on Dec. 11 and subsequently faced a 2.2% correction. More importantly, the last daily close above this level was over 30 days ago — reinforcing the thesis of size sellers near the $330 billion market capitalization mark.
In the cryptocurrency markets, there is mild relief stemming from exchanges' proof of reserves, although several analysts have criticized the limited details of each report.allowing users to self-verify their depositsHowever, regulatory risks remain high after U.S. Democrat Senator and crypto-skeptic Jon Tester boldly stated that he sees
Let's look at derivatives metrics to better understand how professional traders are positioned in the current market conditions.The USD Coin premium is a good gauge of China-based crypto retail trader demand. It measures the difference between China-based peer-to-peer trades and the United States dollar.
There are occasional methodological discrepancies between different exchanges, so readers should monitor changes instead of absolute figures.Even though Bitcoin failed to break the $17,250 resistance, professional traders have kept their leverage long positions unchanged according to the long-to-short indicator.
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