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Bitcoin

Bitcoin Explodes Above $28K: Short Traders Suffer Losses

March 29, 2023 - Around 2 mins mins to read

Key Points:

  • Bitcoin surges past $28,000 on March 29 due to a classic short squeeze.
  • Shorts worth around 1,500 BTC were “blown out” to remove resistance and allow higher levels to return.
  • Traders prepare for potential buying opportunities in anticipation of the March 31 macroeconomic data print from the United States.
Bitcoin’s recent surge above $28,000 on March 29th. The surge was driven by a classic short squeeze that took the market to five-day highs, where a band of shorts were “blown out” to remove resistance and allow for higher levels to return.
Bitcoin Explodes Above $28K: Short Traders Suffer Losses

These shorts were left over from Bitcoin’s previous moves and were worth around 1,500 BTC. Analyst Skew noted that the previous bounce was shorted heavily, and those shorts have just been blown out.

In anticipation of the March 31 macroeconomic data print from the United States, traders were preparing for potential buying opportunities. The market was keenly watching the data print to gauge the potential impact on Bitcoin’s price. Meanwhile, the price is pumping, and if bulls run out of momentum before clearing $28k, things may get spicy. The market sentiment is currently positive, and investors are optimistic about the future of cryptocurrency.

As the world continues to grapple with the economic impact of the COVID-19 pandemic, cryptocurrencies have emerged as a safe haven for investors. The cryptocurrency market has seen tremendous growth over the past year, and Bitcoin has been at the forefront of this growth. With its recent surge, Bitcoin is once again in the spotlight, and investors are closely watching its every move.

Bitcoin’s price has been driven by a classic short squeeze that took the market to five-day highs. Traders were preparing for potential buying opportunities in anticipation of the March 31 macroeconomic data print from the United States. The market sentiment is currently positive, and investors are optimistic about the future of cryptocurrency. As the world continues to grapple with the economic impact of the COVID-19 pandemic, cryptocurrencies have emerged as a safe haven for investors, and Bitcoin is at the forefront of this growth.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.