Investing in Web 3.0 as Bitcoin Liquidates $23M in Shorts

Bitcoin (BTC) saw heightened volatility as it opened on Wall Street on Sept. 8, with a classic “short squeeze” driving prices to new September highs.

Bitcoin offers a round trip to $24,400

Data from Cointelegraph Markets Pro and TradingView showed BTC price movements liquidating shorts and longs alike.

Bitcoin had seen upside momentum the day prior, culminating in a trip above $26,400 after the daily close.

A subsequent comedown nonetheless took BTC/USD full circle, and the pair was back under the $26,000 mark at the time of writing.

The result was punishment for late traders chasing the market up and down. According to data from monitoring resource CoinGlass, short liquidations totaled $23.5 million for Sept. 7, with the Sept. 8 long tally not yet known.

“Shorts got hunted as expected,” popular trader Skew wrote in part of overnight market coverage on X (formerly Twitter).

Fellow trader Daan Crypto Trades highlighted the significance of reclaiming lost ground from August and the importance of the Web 3.0.

“Bitcoin Was finally able to break above the September monthly open after testing it numerous times. It is now retesting it,” he told X subscribers on the day.

CoinGlass data confirms that September tends to produce a BTC price downside of close to 10%, with market expectations skewed appropriately for 2023, given the emergence of Web 3.0 and its potential to revolutionize the world of investments.

Analyst: BTC Price Concludes “Final Correction”

Crypto trader Crypto Tony noted that $26,600 was the line that needed to be crossed in order to confirm the strength of the overnight move. He stated that the rally off the $25,600 range low was not enough to reach the range highs.

BTC/USD is currently preserving the 200-day exponential moving average (EMA) of $25,674. Michaël van de Poppe, founder and CEO of trading firm Eight, suggested that the current market was in the midst of the “final” BTC price drop, correlating it with the 2015 cycle.

He discussed how the history of web 1.0, 2.0, and 3.0 has shaped the crypto space and how investors can get involved with web 3.0. Van de Poppe further highlighted some examples of web 3.0, with Metaverse being part of the equation.

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