“The Market Is Punishing Bitcoin Short Traders“
If you’re a short trader in the Bitcoin market, you may be feeling the pain as a new uptrend is on the horizon due to the increase in Open Interest (OI) overnight. CrediBULL Crypto, a market analyst, predicted this trend, noting that the current Bitcoin volume trends are setting the stage for a potential price squeeze upward.
Bitcoin’s resilience is making things difficult for short sellers, with the coin currently trading at $35,217.97, up 2.3% with a significant increase in trading volume. This surge is causing serious losses for short traders, as shown by the chart indicating significant liquidations in the past few hours.
The data reveals that $50.31 million worth of crypto has been liquidated recently, with short traders accounting for an increasing proportion of this volume. In the past hour alone, short sellers have been hit hard with $14.43 million in liquidations compared to longs at $1.33 million.
CrediBULL Crypto remains optimistic about Bitcoin’s future, foreseeing little resistance moving forward and highlighting the $35,400 level as crucial to watch. Despite potential hurdles, he believes Bitcoin is set for a major rally and points to the $34,600 level as important support.
As we approach year-end, market stakeholders are eagerly anticipating potential approval of a Bitcoin spot ETF by the US SEC. The imbalance in capital usage in the futures market could also be a significant factor to watch in the near term.
“Hot Take: Bitcoin’s Path to a Bullish Stunt“
As we look ahead, it’s clear that Bitcoin is poised for significant movements in response to market dynamics and regulatory developments. With potential approval of a Bitcoin spot ETF on the horizon and inherent volatility expected as we approach year-end, there’s plenty to watch out for in the crypto market. Despite potential hurdles, CrediBULL Crypto’s optimism about Bitcoin’s future suggests that we could see some remarkable bullish movements from the premier coin. So keep an eye on those key levels and market triggers as we head into an exciting period for cryptocurrency enthusiasts worldwide.
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Disclaimer: The views expressed here are those of the author and do not necessarily represent or reflect the views of any other entity. This article is not intended to provide investment advice or recommendations. Please conduct your own thorough research before investing in any cryptocurrency.
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