Bitcoin and Ether Futures Traders Face Losses as Prices Drop

Bitcoin and Ether Futures Traders Experience Significant Losses

One trading firm has predicted that the price of Bitcoin could drop as low as $24,000 in the next few months if there are no immediate market catalysts. In recent days, Bitcoin and Ether futures traders have faced substantial losses as prices fell below support levels. Bitcoin dropped to just under $28,500, one of the largest two-day price drops since mid-June. This decline in Bitcoin’s price also affected other major cryptocurrencies like Ether, XRP, and Solana, causing them to fall by as much as 5%. The liquidations on futures tracking these tokens have surpassed $320 million in losses for the week. Long trades accounted for 90% of the total liquidations. Trading firm QCP Capital predicts that prices will continue to decline in the absence of market catalysts, with Bitcoin potentially reaching levels between $24,000 and $26,000.

Key Points:

– Bitcoin and Ether futures traders have experienced significant losses as prices moved below support levels.
– Bitcoin dropped to just under $28,500, marking one of the largest two-day price drops since mid-June.
– Other major cryptocurrencies such as Ether, XRP, and Solana also fell by as much as 5%.
– Liquidations on futures tracking these tokens have exceeded $320 million in losses for the week.
– Long trades, betting on higher prices, accounted for 90% of the total liquidations.

Hot Take: Prices Expected to Drop Further in the Coming Months

With the absence of immediate market catalysts, trading firm QCP Capital predicts that Bitcoin’s price could reach levels between $24,000 and $26,000 in the coming months. This recent drop in prices has resulted in significant losses for Bitcoin and Ether futures traders, with liquidations surpassing $320 million for the week. The market sentiment appears to be leaning towards a risk-off approach, as traders open more positions but use significantly less leverage. It will be interesting to see how the market develops and if any new catalysts emerge to reverse the downward trend.