Bitcoin’s price dropped sharply on Friday from $57,000 to under $53,000 in a matter of hours, before recovering some ground. Some investors and long-term BTC enthusiasts, such as Arthur Hayes, attempted to capitalize by shorting the asset.

However, Hayes mentioned earlier today that he has closed his position, anticipating that BTC might rally in the coming days. CryptoPotato reported the highly volatile price movements that began after the release of the August jobs report in the U.S. As unemployment rates slightly declined month-over-month, Bitcoin surged by $1,500 to reach $57,000.

This proved to be a false breakout, as the bears quickly drove the price down by over four thousand dollars. Consequently, the cryptocurrency hit a monthly low of under $53,000. During this time, BitMEX’s co-founder, Arthur Hayes, announced he had opened a short position, targeting a price below $50,000 for the weekend.

Despite this, BTC has rebounded from its monthly low, currently trading above $54,000. Although the weekend is not yet over, Hayes posted an update earlier today, stating he had closed his position with a 3% profit, citing the possibility of a rise in the asset due to Janet Yellen’s upcoming speech.

#Bitcoin #BTC #Crypto #ArthurHayes #Trading #Cryptocurrency #Market #Finance