Fun

53% Of Binance Traders Are Shorting Bitcoin – What Does This Mean For Price Action?

News Feed - 2024-10-23 07:10:52

Este artículo también está disponible en español.


After several weeks of sustained upward momentum, Bitcoin is currently holding above $66,000. The price has recently encountered resistance at the crucial $69,000 level, which is expected to take time and significant liquidity to overcome. 


Key data from Binance reveals that more than half of futures traders have shorted BTC in the past few hours, creating a divisive environment for price action. Related Reading Ethereum Upside Target Around $2,800 As Price Tests Key Resistance 2 days ago


The futures market often serves as a barometer for momentum and liquidity, signaling potential shifts in Bitcoin’s price movement. As BTC consolidates just below the $69,000 resistance, maintaining support above $66,000, the coming days will be pivotal.


Investors and analysts are closely watching to determine whether Bitcoin will break through to new all-time highs or if the accumulation period will continue. The outcome could set the tone for the next phase of the market. Bitcoin Future Traders Remain Bearish (For Now)


Bitcoin is currently in a consolidation phase after weeks of impressive price appreciation. Despite this pause, analysts and investors remain optimistic about Bitcoin’s price trajectory in the coming weeks, with many believing that BTC will begin a massive rally once it breaks its all-time highs. However, this breakout may take some time, as key data from Binance indicates bearish sentiment among futures traders.


Top analyst and investor Ali Martinez shared the 4-hour long-short ratio on Binance, revealing that 53.71% of futures traders are shorting BTC. This bearish positioning suggests indecision in the market, as traders remain uncertain when Bitcoin will surpass the critical $69,000 level. The ongoing shorting trend could be a temporary barrier to Bitcoin’s momentum. 53.71% of Bitcoin futures traders are shorting BTC | Source: Ali Martinez on X


However, the outlook could shift quickly, as spot investors might take advantage of the current dip and start buying Bitcoin. Increased spot buying could provide the liquidity needed to push BTC higher, reversing the bearish sentiment in the futures market. Related Reading Solana Could ‘Go Parabolic’ Starting Today – Analyst Sets $370 Target 20 hours ago


If buying pressure intensifies, Bitcoin could soon challenge and break through the $69,000 resistance, potentially paving the way for a new all-time high. In the short term, investors are closely watching to see whether Bitcoin will consolidate further or gain enough momentum to continue its upward trend. BTC Testing Key Liquidity Levels 


Bitcoin is trading at $66,800 after facing a rejection from the $69,000 supply level. Despite the pullback, BTC remains strong, holding above the $66,000 mark. This price level is critical, as it will likely determine Bitcoin’s direction in the coming days.  BTC holding above $66K | Source: BTCUSDT chart on TradingView


Should BTC fail to hold above $66,000, the price could seek liquidity at lower levels, with $64,000 as the next target. This level coincides with the 4-hour 200 moving average (MA) and exponential moving average (EMA), making it a key interest for buyers and sellers.


On the other hand, if Bitcoin maintains its position above $66,000, the next likely move will be a renewed challenge of the $69,000 resistance or potentially a push toward $70,000.  Related Reading Dogecoin Breaks Above $0.12 Level – Time For DOGE To Catch Up? 2 days ago


The coming days will be crucial in deciding whether BTC will resume its upward momentum or face further consolidation around these key levels. Traders and investors are closely watching to see how Bitcoin reacts at the $66,000 support, which could set the stage for the next big move.


Featured image from Dall-E, chart from TradingView

News Feed

Report: $4B in Bitcoin Mining Loans Are in Distress — JPMorgan Analyst Says Price Pressure Stems From Miner Sales
Report: $4B in Bitcoin Mining Loans Are in Distress — JPMorgan Analyst Says Price Pressure Stems From Miner Sales Cryptocurrency-related lending has become a black smudge for the
Cointelegraph Innovation Circle9 hours ago12 things blockchain protocols should consider when exploring AI Blockchain protocols can’t (and shouldn’t) ignore AI’s potential, but it’s important to implement it wit
$96k Or $144k? Bitcoin Mayer Multiple Chart Price Target Options
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Brian Nibley15 hours agoBitcoin and crypto brace for further upside as equities look to extend their recent gainsA variety of macro factors propelled the recent rally across several asset classes, but analysts are at odd
Biggest Movers: SOL Slips Towards Multi-Month Low, as LTC Surges on Thursday
Biggest Movers: SOL Slips Towards Multi-Month Low, as LTC Surges on Thursday Solana was back in the red on Thursday, as the token fell towards a three-month low in today’s s
Gofundme Shuts Down Truckers’ Freedom Convoy Fundraiser, Move Highlights the Importance of Crypto Crowdfunding
Gofundme Shuts Down Truckers" Freedom Convoy Fundraiser, Move Highlights the Importance of Crypto Crowdfunding This week the world has been watching the thousands of truckers in Ca
David Attlee12 hours agoOnly 17% of Russians would agree to store more than $200 in CBDCThe most common hindrances cited include insufficient information about the technology (22%) and concerns about cybertheft and syste
$24M CryptoPunk NFT quietly sold, Trump earned over $7M from NFTs: Nifty Newsletter
Ezra Reguerra5 hours ago$24M CryptoPunk NFT quietly sold, Trump earned over $7M from NFTs: Nifty NewsletterThe most expensive CryptoPunk ever purchased was transferred for an undisclosed amount on Aug. 19, causing specul
‘Arivaman’ to Travel the World in a Unique and Innovative Way
‘Arivaman’ to Travel the World in a Unique and Innovative Way press release PRESS RELEASE. As the new year gets underway, there has been a lot of speculation and interest regard
Arijit Sarkar13 hours agoJPMorgan, Apollo plan for enterprise mainnet, execs revealThe enterprise mainnet provides the scalability to add applications to a network with a KYC-compliant set of institutional banks, broker-
Genesis Doubles Crypto Loan Issuance for the Third Quarter to $5.2 Billion
Genesis Doubles Crypto Loan Issuance for the Third Quarter to $5.2 Billion Crypto lender Genesis provided $5.2 billion in new loans in the third quarter of 2020,
Franklin Templeton CEO says all ETFs and mutual funds will be on blockchain
Tristan Greene3 hours agoFranklin Templeton CEO says all ETFs and mutual funds will be on blockchainShe also warned that generative artificial intelligence was like the “kid that got an ‘F’ in math.”843 Total vie