Why Trapped Longs At Bitcoin ATH Could Lead To More Downside
Bitcoin’s new all-time high this month has led to a number of interesting developments in the crypto space. The success of the first Bitcoin ETF contributed greatly to the price of BTC finally bursting through the $67K price point and with it has come to a spike in funding rates in the market. The ProShares ETF saw over $1 billion in trading volume in its first day, signaling increased inflows into the market. The spike in funding rates moved along with the price movements of BTC in the month of October. This spike maintained momentum along with BTC movements. However, as the price....
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Bitcoin short positions at Bitfinex soared as BTC price dropped below $40,000, so why did the majority of them close before the largest part of the correction? Bitcoin price is still in a rut, trading near $33,000 and trapped in a downtrend that just seems to get worse with the passing of each day. As the price slumps, analysts have consulted with several technical and on-chain metrics to explain the price collapse, but none of these have picked up on the exact reason. One area of interest has been the sharp rise in short positions at Bitfinex in the past week. Traders are placing....
Yesterday’s Twitter feud between business tycoon Elon Musk and the crypto community had far-reaching consequences that went beyond the constant verbal sparring on the popular social media site. For the crypto market, it was a disaster. Liquidation Galore In The Crypto Market According to data from ByBit, a total of $2.4 billion worth of longs […]
Ethereum Price Key highlights: Ethereum price is starting to make a downside break from the previous triangle consolidation pattern highlighted. This suggests that selling momentum is starting to pick up once more, potentially yielding further declines. Ethereum price has moved below the previous intraday support at 0.00250BTC, setting the stage for a potential drop to the next support at 0.00230BTC. New record lows? Increased selling momentum could take the price down to its record lows at around 0.00210BTC in mid-August this year or even lead to the creation of new lows. The 100 SMA is....
Ethereum bulls may have flipped $2,400 back to support, but Friday’s ETH options and futures expiry will determine if traders press the pedal for $3,000. The May 28 futures and options expiry could be a turning point for Ether (ETH), as the cryptocurrency rebounded 60% from its $1,730 low on May 23. Even though the open interest stands at $6.2 billion, only 16% is set to expire on Friday, as most of the action takes place on perpetual and June contracts.One must account for the options expiry, as it could present an imbalance of forces. This feature is not true for futures markets, where....
According to the latest on-chain data, investors have been excessively betting on the Bitcoin price in recent weeks, leading to its overall struggles. Longs Vs Shorts Imbalance — How This Induced Price Crash In a November 22 post on social media platform X, Alphractal CEO and founder Joao Wedson revealed the underlying dynamics behind Bitcoin’s recent unchecked fall. In deciphering this downward trend, the crypto pundit evaluated the Estimated Long/Short Positions metric, which estimates how much of the Open Interest across exchanges is dedicated to long positions relative to short....