Jiang Zhuoer, founder of mining pool B.TOP, said the Bitcoin market has not seen a clear pullback since BTC surged sharply on Aug. 20. In his view, the market is still in the early stage of a bull run marked by distrust and skepticism, with many investors still carrying deep fear of a sharp drop. He pointed to liquidation heatmap data showing that the concentrated liquidation zone near $76,000 is larger than the one around $83,000. Based on that setup, he said the market is more likely to move into the lower liquidation area first. Jiang added that this "magnet effect" was the main reason he sold his entire BTC position at $82,000 the day before yesterday.
According to ChainCatcher, Jiang Zhuoer, founder of mining pool B.TOP, said the Bitcoin market has not posted an obvious pullback since BTC surged sharply on Aug. 20.
He said the market remains in the early stage of a bull run filled with distrust and skepticism, and that many investors still have deep fear of a sharp sell-off.
Why Jiang Zhuoer exited his BTC position
Jiang said the heatmap shows a larger concentrated liquidation zone near $76,000 on the downside than the zone near $83,000 on the upside.
Based on that, he said the market is more likely to hit the lower liquidation area. He added that this "magnet effect" was the main reason he sold his entire BTC position at $82,000 the day before yesterday.
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