Bitcoin Eyes $11,000 as Focus Shifts to Wednesday’s FOMC

skew bitmex xbtusd liquidations 37 980x547

Bitcoin logged its best daily performance in more than a month this Monday as it traded in tandem with traditional markets. The benchmark cryptocurrency closed the New York session 3.32 percent higher at circa $10,679. The gains appeared as buy liquidations–a bet against short-sellers–on crypto derivatives exchange BitMEX outran sell liquidations by more than double. That partially helped BTC/USD in rising above $10,700. BitMEX XBTUSD Liquidations. Source: Skew An uptick in bullish positions, meanwhile, took cues from macroeconomic narratives. Three different bullish catalysts played out in sync to help Bitcoin rise. The first of them was and remained the Federal Open Market Committee’s Wednesday meeting on inflation. Meanwhile, the second and the third catalyst were a rebounding US stock market and a weakening US dollar, respectively. Explaining Macro The Federal Reserve officials will meet for the first time since their chairman, Jerome Powell, committed to tolerating higher inflation during his…

Read the original article here