Bitcoin’s Ongoing Surge Could Gain Steam as Shorts Are Underwater
- Bitcoin has seen immense volatility over recent days.
- The coin currently trades for $13,800, above the $13,200 lows on Monday but below the daily highs at $14,100 and the weekend highs at that same level.
- Bitcoin is currently up around 1.5% in the past 24 hours.
- Some analysts think that the coin is primed to move higher due to the futures market.
- One analyst shared data showing that the cryptocurrency’s futures markets are clearly bearish at the moment.
- The issue is, according to the analyst, many of these shorts are bearish while the funding rate is also negative.
- This could result in a short squeeze that pushes Bitcoin higher.
Bitcoin Could Move Even Higher, Futures Data Shows
Analysts say that the coin is likely to press higher in the hours and days ahead. One crypto-asset analyst shared the chart below early, showing that the cryptocurrency’s futures markets are clearly bearish at the moment. The issue is, according to the analyst, many of these shorts are bearish while the funding rate is also negative. This strongly increases the chances that Bitcoin will undergo a short squeeze, driving prices rapidly to the upside.
Multiple analysts have noted how uncertainty around this election could result in movements in markets like the dollar and Bitcoin due to differing economic/fiscal policies.
For one, BTC has already bounced 0 and crashed 0 due to the election.
“Meanwhile funding has been consistently negative the past couple of days on Binance and the L/S ratio has also been going down too (more shorts). This looks to me like a bunch of over-leveraged shorts are underwater.”
Featured Image from Shutterstock
Price tags: btcusd, btcusdt, xbtusd
Charts from TradingView.com
Bitcoin’s Rally Past ,000 Could Gain Steam as Shorts Are Underwater
Bitcoin is currently up slightly in the past 24 hours as volatility swings the cryptocurrency between ,000 and ,000.
Chart of BTC’s price action over the past few weeks with analysis by crypto trader Byzantine General (@ByzGen On Twitter).
Source: BTCUSD from TradingView.com
Election uncertainty could result in this scenario not playing out.
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