Top Bitcoin Influencer Closes Bullish Position on Price Dump Fears

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Bitcoin risks falling below $50,000, according to a trade setup shared by Jonny Moe, an independent market analyst. The social media influencer, widely tracked by investors and traders in the cryptocurrency space, unveiled the bearish setup in a tweet published early Tuesday. He closed what he called “leverage long” positions, which refers to the indebted purchase of an asset with anticipation that it will increase in value. The move indicated that Mr. Moe expects the bitcoin price to correct massively in the sessions ahead. “I’ve closed up leverage longs until [the bearish setup] sorts itself to where I’m not completely and totally shook by it,” the analyst wrote. Bitcoin and $60,000 The call to deleverage appeared after Bitcoin failed to breach the $60,000-level repeatedly in previous daily sessions. Each of its breakout attempts met with higher selling pressure, apprehensively liquidating traders — who had placed bullish bets on levels above…

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