Arthur Hayes Closes Short Bitcoin Position, Hints at Upcoming BTC Rally

Bitcoin’s price tumbled hard on Friday from $57,000 to under $53,000 in hours before it finally covered some ground. Some investors and even long-term BTC bulls, such as Arthur Hayes, tried to take advantage by shorting the asset.

However, he said earlier today that he has closed his position as BTC might even rally in the next few days.

CryptoPotato reported the highly volatile price actions that transpired on Friday, which began after the release of the August jobs report in the States. As the unemployment rates declined slightly month-over-month, bitcoin jumped by $1,500 and tapped $57,000.

That turned out to be a false breakout, though, and the bears quickly pushed it south by more than four grand. As a result, the cryptocurrency fell to a monthly low of under $53,000.

At this time, BitMEX’s co-founder, Arthur Hayes, said he had opened a short position and was aiming for a price tag of under $50,000 during the weekend.

Nevertheless, BTC has bounced from its monthly low and has jumped above $54,000 as of now. Even though the weekend is far from over, Hayes posted an update earlier today, saying he had closed his position with a 3% profit because the asset ‘might’ rise in the following days due to Janet Yellen’s weekend speech.

You may also like:

• Bitcoin Nears Potential Bottom, But Demand Conditions Remain Unfavorable: CryptoQuant
• Will BTC Rocket if Trump Delivers on His Iran Deal Promise This Sunday?
• Speculative Interest in BTC Fades Across Traditional Markets, On-chain Data Shows