Trading Desk Insights
Crypto markets came under pressure on Friday as Bitcoin slipped to 108K, its lowest level since early July. More than 530 million dollars in liquidations over the past 24 hours intensified the move lower, with whale activity adding to the selling pressure. BTC now trades in a key reversal zone, and while momentum remains weak, a bullish RSI divergence on shorter timeframes points to the possibility of a rebound toward 123K if spot demand returns.
Ether also retreated, breaking under the 4,300 support after failing to hold momentum above 4,700 earlier in the week. The decline was driven by 338 million dollars in ETH futures liquidations, thinning liquidity, and open interest sliding back near 9 billion. September has historically been Ether’s weakest month with median returns of negative 12.5%, raising the risk that the 3,900 to 3,700 range could be tested in the near term.
Macro remains in focus as the PCE index came in line with expectations, confirming an inflation rebound ahead of the Federal Reserve’s September meeting. Markets continue to lean toward a rate cut, but stronger-than-expected payrolls data next week could alter that outlook and bring further volatility to risk assets.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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