Bitcoin

The crypto market has kept growing, and <a href="https://cryptotale.org/agile-energy-x-turns-renewable-surplus-into-bitcoin-profits/" rel="noopener noreferrer nofollow">Bitcoin</a> achieved its weekly high of $57.6K on Monday, up by 4.8% within 24 hours. Even with this rally, the data from Santiment reveals that the traders in some of the largest exchange platforms, like Binance and Bitmex, display their uncertainty in the Bitcoin market by aggressively short-selling it. Such action indicates that FUD continues to dominate the current short positions, suggesting that prices might be pushed higher.<a href="https://cryptotale.org/gate-io-exits-japan-amidst-stringent-fsa-compliance-measures/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|<h2 id="header-0">Rising Short Positions</h2>The green and red bars showing <a href="https://cryptotale.org/binances-tokocrypto-secures-pfak-license-in-indonesia/" rel="noopener noreferrer nofollow">Binance</a> finance rates help reveal trader mood. The red bars show a rise in short positions, whereas the green bars show optimistic activity. Anticipating a greater price drop, Binance traders have raised their shorting activities since October 14, 2023. But Bitcoin&#39;s price recovered to $57.6K, implying that the bounce was driven by liquidations of over-leveraged short positions, adding purchasing power.Bitmex traders also behaved in the same way. Specifically, around October 13–14, 2023, the shorting activity started right before the price of Bitcoin dropped. Short positions on both platforms were sold as prices rebuilt, driving prices even higher. This resulted in the traders&#39; mistrust, unintentionally strengthening the rally.Related: <a href="https://cryptotale.org/bitcoin-nears-key-support-levels-amid-bullish-divergence/" rel="noopener noreferrer nofollow">https://cryptotale.org/bitcoin-nears-key-support-levels-amid-bullish-divergence/</a><h2 id="header-1">Market Behavior Highlights Skepticism</h2>From the charts, it is evident that there was a lot of skepticism regarding the ability of Bitcoin to bounce back, placing significant short sells. Although the price reached $57.6K, traders on both Binance and Bitmex still opposed the rally. This lack of confidence is self-identified in the increase in short positions, especially near the $ 54K to $55K. When prices started spiking, these short positions were covered and, in turn, boosted the Bitcoin prices.This situation best fits the definition of what is commonly known as a “short squeeze,” when those who expected the price to fall are pressured into buying Bitcoin at a much higher price. This causes the price to rise further, triggering additional liquidations as the increasing buying pressure drives the upward movement.<a href="https://cryptotale.org/traders-increase-short-positions-as-bitcoin-surges-to-57-6k/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Traders Increase Short Positions as Bitcoin Surges to $57.6K

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