The total market capitalization of 10,800 existing cryptocurrencies is currently down 2.8% as Bitcoin has lost more than 3.51% in the past 24 hours. Meanwhile, Bitcoin shorts are rebounding after hitting a two-year high on the Bitfinex exchange on June 25.
Total market capitalization for cryptocurrencies | Source: Tradingview
Bitcoin, and the digital market in general, had much better days when it hit an all-time high of over $ 64,000 three months ago, but it has fallen 48.66% since then. About 17 days ago, the number of BTC / USD short positions rose to levels not seen on Bitfinex since June 17, 2019.
Statistics from Datamish.com
Bitcoin hit a low of $ 28,600 about 20 days ago and has only risen 13.72% from that low to date. After short positions shot up on June 25th, things stabilized on June 27th and short positions remain low. However, today short positions on Bitfinex are starting to rise again and some investors believe this is a bearish signal.
Short BTC / USD on July 13, 2021
At the time of writing, the BTC / USD shorts listed on the Bitfinex exchange are up at least in half from their June 25 highs, surpassing the all-time high of 2019
To date, more than 51,100 long positions have been taken on the exchange, while both long and short continue to rise. The number of long positions doesn’t necessarily signal an uptrend either, but it does represent a degree of optimism with investors hopeful of future increases.
Long BTC / USD on July 13, 2021
Ether’s short position is slightly different from Bitcoin’s, which has been increasing lately but has also started to decrease today. ETH / USD long positions also show a different path than Bitcoin’s current long records on Bitfinex as the ETH / USD longs on the derivatives exchange are low.
Etoro market analyst Simon Peters blames much of the carnage in the crypto market on China’s ban on crypto mining and the global regulatory environment.
“Both Bitcoin and Ether have been affected by crypto breaches in China and regulatory changes in various jurisdictions around the world.”
Youngest analyst Joseph Young given His views on Twitter:
“Bitcoin will break through, not now.
– As I said yesterday, Bitcoin shorts keep rising.
– No noticeable discharge in the chain.
– Key levels $ 31,000- $ 36,000.
No cut necessary, patience pays off. “
Short BTC / USD numbers also cannot be considered bearish as a short squeeze can occur. A short squeeze in the BTC / USD market is not uncommon and when it happens it triggers a super-fast pump that sends shorts into liquidation. Typically, a short squeeze occurs when an unusually high number of BTC / USD short positions are captured.
The same thing can happen to those who take a long “long squeeze” position. Similarly, the dramatic and sudden decline in the value of Bitcoin led to panic selling and the liquidation of long positions.
Mr. Teacher
According to News.Bitcoin
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