{"id":17409,"date":"2024-10-01T10:04:06","date_gmt":"2024-10-01T07:04:06","guid":{"rendered":"https:\/\/forklog.com\/en\/cryptoquant-identifies-factors-behind-bitcoins-retreat-from-66000\/"},"modified":"2024-10-01T10:04:06","modified_gmt":"2024-10-01T07:04:06","slug":"cryptoquant-identifies-factors-behind-bitcoins-retreat-from-66000","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/cryptoquant-identifies-factors-behind-bitcoins-retreat-from-66000\/","title":{"rendered":"CryptoQuant Identifies Factors Behind Bitcoin&#8217;s Retreat from $66,000"},"content":{"rendered":"<p>The decline of the leading cryptocurrency by over 3% on September 30 is attributed to a <a href=\"https:\/\/en.m.wikipedia.org\/wiki\/Long_squeeze\">long squeeze<\/a> in the perpetual contracts market. This view is held by CryptoQuant, reports <a href=\"https:\/\/www.theblock.co\/post\/318648\/bitcoin-price-decline-comes-amid-futures-market-long-squeeze-cryptoquant\">The Block<\/a>.<\/p>\n<p>The surge in liquidations of long positions coincided with a wave of caution in stock markets due to rising expectations of a key rate hike by the Bank of Japan.<\/p>\n<p>The catalyst was the ruling party&#8217;s decision to select Shigeru Ishiba as the next prime minister. The politician is known to support further tightening of monetary conditions.<\/p>\n<p>Market participants fear a repeat of the situation in late July, when a wave of carry trade position unwinding caused panic in risk assets and led to Bitcoin&#8217;s drop from <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-climbs-back-to-68000\">$70,000<\/a> to <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-falls-below-50000-as-ethereum-dips-under-2200\">$49,000<\/a>.<\/p>\n<p>According to data from <a href=\"https:\/\/www.coinglass.com\/LiquidationData\">Coinglass<\/a>, long positions worth $51.4 million were forcibly closed in the past 24 hours.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1231.webp\" alt=\"1-1231\" class=\"wp-image-242271\"\/><figcaption class=\"wp-element-caption\">Data: Coinglass.<\/figcaption><\/figure>\n<p>The rise in open interest to $19.1 billion contributed to the significant scale of liquidations. Analysts noted that since March 2024, this metric has exceeded $18 billion only six times, each followed by a price decline.<\/p>\n<p>The upcoming U.S. employment report on November 4 is expected to be a key factor for the cryptocurrency market in the coming days. <\/p>\n<p>Earlier, 10X Research predicted an imminent move of Bitcoin towards $70,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The decline of the leading cryptocurrency by over 3% on September 30 is attributed to a long squeeze in the perpetual contracts market. This view is held by CryptoQuant, reports The Block. The surge in liquidations of long positions coincided with a wave of caution in stock markets due to rising expectations of a key [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1168,1205,1224,1145],"class_list":["post-17409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crypto-derivatives","tag-cryptoquant","tag-macroeconomics","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=17409"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17409\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/17408"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=17409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=17409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=17409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}