New CPI numbers caused the BTC price to drop quickly, and traders are cautious at these levels.
The abrupt movement caused $55 million in Bitcoin futures liquidations at derivatives exchanges, the largest amount in three weeks. The $18,200 level was the lowest since Sept. 21 and marks an 8.3% weekly correction.It is worth highlighting that the dip under $18,600 on Sept. 21 lasted less than 5 hours. Bears were likely disappointed as a 6.3% rally took place on Sept. 22, causing Bitcoin to test the $19,500 resistance. A similar trend is happening on Oct.
Investors became even more bearish after BlackRock Inc reported a 16% drop in profit versus the previous year. Meanwhile, financial heavyweights JPMorgan Chase and Morgan Stanley are set to report on Oct. . All of these developments are increasing investors’ bearish emotions. ao get a better gauge on what is happening in the crypto sector, traders should look at derivatives data to see if investors were taken by surprise after the 4.4% dip below $18,200.Retail traders usually avoid quarterly futures due to their price difference from spot markets. They are, however, professional traders' preferred instruments because they prevent theBitcoin 3-month futures annualized premium.
This data reflects professional traders' unwillingness to add leveraged long positions despite the low cost. However, one must alsoOption traders are unwilling to offer downside protection
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