Bitcoin’s Ongoing Surge Could Gain Steam as Shorts Are Underwater

2020-11-4 04:40

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

Bitcoin has seen immense volatility over the past few days ahead of and during the presidential election in the U.S. The leading cryptocurrency 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 slightly in the past 24 hours as volatility swings the cryptocurrency between $13,000 and $14,000.

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.

“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.”

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

The funding rate is the fee that long positions pay short positions on a recurring basis to keep the price of the future to the price of the spot market. Negative funding rates combined with increasing prices increases the chance that a short squeeze takes place.

Election Uncertainty Could Drive Correction

Election uncertainty could result in this scenario not playing out.

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 $400 and crashed $300 due to the election.

Featured Image from Shutterstock Price tags: btcusd, btcusdt, xbtusd Charts from TradingView.com Bitcoin's Rally Past $14,000 Could Gain Steam as Shorts Are Underwater

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67306.95 (+0.69%)
Объем 24H $23.609b
Изменеия 24h: 0.60 %, 7d: 6.89 %
Cегодня L: $66031.14 - H: $67306.95
Капитализация $1326.009b Rank 1
Цена в час новости $ 13809.41 (387.4%)

highs bitcoin monday 200 above lows daily

Источник: bitcoinist.com

highs bitcoin → Результатов: 126


Risk-On Sentiment Sends Crypto & Stock Market to New All-Time Highs as Bitcoin Holds the Line

“60k is merely a psychological resistance” as BTC miners accumulate, on-chain activity gives “strong vote of confidence,” futures premium rises, dollar slides, and OI keeps above $22 billion. The post Risk-On Sentiment Sends Crypto & Stock Market to New All-Time Highs as Bitcoin Holds the Line first appeared on BitcoinExchangeGuide.

2021-4-6 18:01


Coinbase Whales Keep Buying Bitcoin as Price Rockets to New All-Time Highs

Bitcoin is in the process of consolidating after the cryptocurrency saw a push to all-time highs last night, which led it as high as $36,000 This movement came about suddenly and was quite surprising, but it didn’t last for long The rejection at these highs was not too grave, as BTC has been able to find some strong support within the lower-$34,000 region ever since There’s a strong possibility that it will consolidate here, as […]

2021-1-7 21:00


Фото:

Bitcoin “Bear Whales” Show Signs of Exhaustion as Analysts Eye Upside

Bitcoin’s price has been fairly stagnant throughout the past few days, with its recent rejection at highs of $28,500 kicking off a short-term consolidation phase Where the crypto trends in the mid-term may depend largely on whether or not bulls can invalidate these highs as a potential “blow-off top” There has been speculation that the swiftness of the rally and rejection confirmed the bear-favoring pattern, but BTC’s resilience in the time since is a promising […]

2020-12-29 21:00


Фото:

$800m Liquidated: Bitcoin’s Rally to All-Time Highs Leaves Trail of Bear Blood

Bitcoin saw some potent price action yesterday, with bulls sending it rallying from the mid-$20,000 region to highs of $23,700 The selling pressure here proved to be quite significant and slowed its growth, but the cryptocurrency does appear to be poised to see further upside One analytics firm explained in a recent tweet that a massive onslaught of short-sided liquidations fueled this movement Over the past few days, over $1 billion in short positions have […]

2020-12-18 21:00


There’s Only Two Resistances Left Before Bitcoin Sets Fresh All-Time Highs

Bitcoin has seen unprecedented volatility throughout the past few days, with its ascent reaching a boiling point last night when bulls stepped up and sent it flying to highs of $18,600 The selling pressure here was quite intense and rapidly caused it to see a selloff Within a mere matter of minutes, its price declined from highs of $18,600 to lows of $17,400, with the support here sparking a sharp rebound It has since stabilized […]

2020-11-19 02:00


Litecoin [LTC] – Will the Support Area Hold, or Is There Another Drop in Store?

A look at the logarithmic Weekly chart shows us that price has fallen all the way into the $20-$25 area of support created by the highs of 2014. There is a substantial amount of support here. If price were to break down below $20, the next level of support would be in the $3-$5 area, […] Litecoin [LTC] – Will the Support Area Hold, or Is There Another Drop in Store? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-12-13 16:34


Фото:

AMZN! $4K Bitcoin Still Historically Outperforming Amazon Stock

Bitcoin price held above $4000 November 29 as talk turns to the cryptocurrency’s continuing appeal over major stocks such as Amazon in recent years. BTC Still Beats Amazon Even at $4K After a dip to lows around $3500, something not seen in over a year, Bitcoin managed to reclaim and hold onto the $4000 mark Wednesday, hitting local highs of $4339 before correcting closer to $4190.

2018-11-29 13:00


Bitcoin Bottoming Under $3,000 BTC/USD? Does Institutional Interest Hold Any Weight For Bull Run Return?

While we can easily associate 2018 with seeing one of the biggest bearish downturns for cryptocurrency, the latest drop has been both drastic and unprecedented. So far, it has seen a large percentage of altcoins trading at or below 90% of their value compared to their previous highs. The likes of Bitcoin are not exempt […]

2018-11-26 15:53


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru