Bitcoin Shorts Are Piling Up As the BTC Price Shoots Past $30,000
The post Bitcoin Shorts Are Piling Up As the BTC Price Shoots Past $30,000 appeared on BitcoinEthereumNews.com. The world’s largest cryptocurrency Bitcoin (BTC) continues with its strong rally and is up by another 2.24% moving past $30,000 levels. However, the derivatives data shows that the Bitcoin short positions are piling up once again. BTC Shorts Above $30,000 Popular crypto market analyst Ali Martinez explains that with Bitcoin at approximately $30,000, about 60% of all Binance accounts holding open $BTC futures positions are taking short positions! As #Bitcoin hovers around $30,000, roughly 60% of all accounts on #Binance with an open $BTC futures position are going short! pic.twitter.com/5RcTDu5sfo — Ali (@ali_charts) October 22, 2023 The analyst further expects an impending price correction for the cryptocurrency based on the technical chart setup. There’s a growing discussion about the potential development of a head-and-shoulders pattern in Bitcoin’s daily chart, said Martinez. The $BTC daily chart suggests a potential sell signal forthcoming tomorrow, as the TD Sequential indicator shows a green 9 candlestick. Additionally, the RSI has reached 74.21, a level that has triggered significant corrections since March. It seems a looming price correction is on the horizon unless #BTC can achieve a daily candlestick close above $31,560, he added. Courtesy: Ali Martinez Bitcoin Outperformance Continues Bitcoin has registered a phenomenal rally this year in 2023 and currently stands at more than 80% gains since the beginning of the year. The world’s largest cryptocurrency has certainly outperformed other cryptocurrencies and equities, despite the macro challenges. The 10-year US Treasury yields currently at their 16-year highs haven’t impacted Bitcoin much, as they have impacted Ethereum and other altcoins. Also, the news about the Bitcoin ETF approval happening soon has further been a catalyst to this recent price rally. Bitcoin is locked in a fierce battle around the $30,000 level, with a silver lining being that buyers haven’t conceded significant territory. The ongoing consolidation…
The post Bitcoin Shorts Are Piling Up As the BTC Price Shoots Past $30,000 appeared on BitcoinEthereumNews.com.
The world’s largest cryptocurrency Bitcoin (BTC) continues with its strong rally and is up by another 2.24% moving past $30,000 levels. However, the derivatives data shows that the Bitcoin short positions are piling up once again. BTC Shorts Above $30,000 Popular crypto market analyst Ali Martinez explains that with Bitcoin at approximately $30,000, about 60% of all Binance accounts holding open $BTC futures positions are taking short positions! As #Bitcoin hovers around $30,000, roughly 60% of all accounts on #Binance with an open $BTC futures position are going short! pic.twitter.com/5RcTDu5sfo — Ali (@ali_charts) October 22, 2023 The analyst further expects an impending price correction for the cryptocurrency based on the technical chart setup. There’s a growing discussion about the potential development of a head-and-shoulders pattern in Bitcoin’s daily chart, said Martinez. The $BTC daily chart suggests a potential sell signal forthcoming tomorrow, as the TD Sequential indicator shows a green 9 candlestick. Additionally, the RSI has reached 74.21, a level that has triggered significant corrections since March. It seems a looming price correction is on the horizon unless #BTC can achieve a daily candlestick close above $31,560, he added. Courtesy: Ali Martinez Bitcoin Outperformance Continues Bitcoin has registered a phenomenal rally this year in 2023 and currently stands at more than 80% gains since the beginning of the year. The world’s largest cryptocurrency has certainly outperformed other cryptocurrencies and equities, despite the macro challenges. The 10-year US Treasury yields currently at their 16-year highs haven’t impacted Bitcoin much, as they have impacted Ethereum and other altcoins. Also, the news about the Bitcoin ETF approval happening soon has further been a catalyst to this recent price rally. Bitcoin is locked in a fierce battle around the $30,000 level, with a silver lining being that buyers haven’t conceded significant territory. The ongoing consolidation…
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