Bears die: the number of short positions on Bitcoin has reached a three-month low
Source:
Yesterday, bearish sentiment set record over the past three months. According to the stock exchange Bitfinex, the amount of open short positions on Bitcoin fell to its three-month low. At approximately 11:00 UTC, the number of shorts fell to 21 434, that is, 33 percent only for the last eight days.
Will this event start bullrun? During the fall, the number of long positions grew steadily, though only by 10 percent in a week.
How will this affect the price of Bitcoin
Indeed, the mood of the market players gradually begin to change in favor of the bulls. 29 Oct cryptocurrency almost broke out of the narrow horizontal channel, but buyers failed to gain a foothold on the desired price levels. As a result, the value of the asset grew by only 4 percent, and then again fell down.
On the side of the bulls also is the fact that price of Bitcoin is historically the most growing in the fourth quarter of the year. According to Coindesk, in the history of cryptocurrencies just single Nov ended in the loss of value — it was back in 2011. If you look at the chart below, it becomes clear why in the beginning of November, the number of shorts falling rapidly to a minimum.
image Source — Reddit
When most traders are playing the short or long trading position becomes the «crowded», that is, the asset enters a phase of oversold or overbought. In such a situation can happen short/long squeeze — a sharp price movement against the General mood of market players, traders are forced to close a losing position, thus even more pushing price in the opposite direction.
However, this is far from us. The ratio of longs to shorts is still about the same level — 53 percent to 47 percent. The exact date of the beginning of bullrun you can always find in our .
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