Four Bitcoin traders have opened short positions totaling 5,379 BTC, worth approximately $343 million, with liquidation levels between $64,000 and $66,000. Bitcoin has been consolidating around $65,000 for over seven weeks, marking its longest weekly consolidation since Q4 2024. The US Consumer Price Index report, expected on August 12, is a key catalyst for risk assets, with markets split 50/50 between a rate hike and a rate cut. According to Glassnode, Bitcoin has not yet reached key bottom levels, suggesting selling pressure has not fully abated. A breakout above $66,000 could trigger a wave of short covering, forming a potentially devastating bear trap for bearish traders.
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