Today Short positions on Asian Markets were on rise due to the uncertainty of the u .s . debt limit which indicated that Bitcoin tested under the 27 .000 $ with the 2% fall . But when European markets opened the support level became 27 .000 $ and it became stable around 27 .100 $ at the end of session . Likewise Ethereum short positions could not be separated from BTC despite showing a resistance . The price continues with 1870 $ under the influence of %1 .5 fall .
Unstable market continues in the short term
Market reviewers are of the opinion that the debt crisis will still influence the market in a negative way until the debt crisis is finalized . The debt ceiling agreement is expected to be done after the poll in the U .S . representative court and senate . The possibility of liquidity crisis is still seen as a big threat for the reviewers so the short term falls in crypto market is possible .
Non-farm payroll data is important
The investor’s eyes are on the non-farm payroll data to be announced in the next week . It is considered that the more workforce continues to perform well the more the central bank policies are effective in fighting the inflation . Hence this gives us an outline of the upcoming FED policies will be on increasing interest rates even if they are smaller than the previous ones .
Monthly close on BTC seems negative for the first time in 2023
All these macroeconomic developments shed light on the short positions on the crypto market . Hence BTC will be closed in fall in monthly term for the first time if it still continues like this . Since the start of the year it is recorded that BTC gained 87% and revisited to its 31000 $ level then made a correction . But XRP went backwards from the trend and it gained more than 1% daily increase unlike the rest of the popular cryptocurrencies in the market . Also considering its weekly increase XRP gained 10% so it continues to prove that XRP saved itself from the huge amount of short positions that comprises the trend for now .
The U .S . Debt Crisis has been told for months and the threat has come for now . It is crucial to revitalize the market by removing the uncertainty with the decision by the senate . Also non-farm payroll plays a critical role in this sense investors are looking forward to see the data to manage their investments properly .
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