20% sudden drop of Bitcoin Short Positions

Just after the latest bull market, Bitcoin short positions have decreased immediately to their yearly lows on the crypto exchange Bitfinex.

Bitfinex short positions in the last 24 hours
Bitfinex short positions in the last 24 hours

According to the exchange charts, the drop of BTC short positions was sudden and quick. In just 24 hours, the momentum has decreased interestingly from around 23,000 BTC open positions to around 17,000 BTC. This makes the number of short positions trimmed down by exactly 19.36%. Away from numbers, an increase in Bitcoin short positions means that traders believe that the price will decrease over time. Eventually, this is not the case today.

Bitfinex long positions in the last 24 hours
Bitfinex long positions in the last 24 hours

Furthermore, this seems to be confirmed by the gain momentum in long positions. In fact, in terms of Bitcoin long positions, the momentum had slightly increased from around 24,500 BTC to around 26,400 BTC, which is around 8%.

By and large, with a low amount of opened short positions and high of long ones, it seems that the market will go through a sudden drop which will incite further selling. On the other hand, the cryptocurrency has realized slight gains (exactly 0.95%) which is unexpected due to the short and long sharp moves which took place in the last 24 hours.

Bitcoin price in the last 24 hours | Coinmarketcap
Bitcoin price in the last 24 hours | Coinmarketcap

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Khalil Liouane

Computer Engineering student, interested in blockchain tech startups creating innovative solutions that can shape a better future.If you are one of those startups email me: contact@decentral.news

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