In today’s Market Report episode, analyst and writer Marcel Pechman discusses whether Bitcoin’s $28,000 support has a chance. Next, Pechman analyzes the First Republic Bank’s failure and its subsequent acquisition by JPMorgan. The show airs every Tuesday on the Cointelegraph Markets & Research YouTube channel.
Using data from the OKX exchange on borrowing and lending markets, Pechamn shows how leverage was used to push Bitcoin’s price close to $30,000 on April 27 and how it played a key role in the subsequent decline to $28,000. Next, the analyst jumps to top traders’ long-to-short data provided by exchanges, which shows whales on OKX and Binance adding leveraged longs between April 25 and May 1.
On to the show’s next topic, Pechman discusses the First Republic Bank failure over the weekend. According to Pechman, it is definitely a bailout, as the United States Federal Deposit Insurance Corporation is getting emergency funding from the U.S. Treasury to cover the losses.
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