Arthur Hayes closes short Bitcoin position, indicating upcoming BTC rally

The price of Bitcoin fell sharply on Friday from $57,000 to less than $53,000 in hours before finally covering some ground. Some investors and even long-term BTC bulls like Arthur Hayes tried to take advantage by shorting the asset.

However, he said today that he has closed his position as BTC could even rally in the coming days.

CryptoPotato reported on the highly volatile price action that took place on Friday, which began after the release of the August US jobs report. As unemployment rates eased slightly month-on-month, bitcoin rose $1,500 and took advantage of $57,000.

This turned out to be a false break, however, and the Bears quickly pushed him south for more than four thousand. As a result, the cryptocurrency fell to a monthly low of less than $53,000.

At the time, BitMEX co-founder Arthur Hayes said he had opened a short position and was targeting a price below $50,000 over the weekend.

However, BTC has bounced back from its monthly low and is above $54,000 as of now. While the weekend is far from over, Hayes posted an update today that he had closed his position with a 3% profit because the asset “could” go higher in the coming days due to Janet’s speech Weekend Yellen.

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