Bitcoin Dices With Liquidity as the Q2 Close Looms
Bitcoin (BTC) fell to approximately $107,000 after the Wall Street open on June 30, reversing earlier gains and down 1.1% for the day. Traders anticipated volatility with the monthly and quarterly closes approaching, as exchange order-book liquidity increased. QCP Capital noted a rise in leveraged longs as perpetual funding rates turned positive. A significant wall of short liquidations was identified around $108k-108.5k, suggesting potential for a short squeeze if BTC surpasses $107.5k. Analyst Rekt Capital indicated BTC faced crucial resistance, needing stability to challenge a long-term downtrend. In broader financial news, a potential replacement for Federal Reserve Chair Jerome Powell could lead to significant stock market gains if interest rates are cut to 1%, as predicted by The Kobeissi Letter.
