58% of Traders on Binance Are Shorting Bitcoin
Bitcoin #BTC approached the $100,000 mark, rising over 2% to a record high of $99,480. This week, Bitcoin increased by 9.1%. Despite this rally, bearish market sentiment prevails, with traders favoring short positions.
Data from crypto analyst Ali Martinez indicates that 58.39% of traders on Binance are shorting Bitcoin. The long/short ratio shows only 41.61% in long positions, resulting in a ratio of 0.71.
58.39% of traders on Binance are shorting #Bitcoin $BTC! pic.twitter.com/nUMZkHcxfD
— Ali (@ali_charts) November 22, 2024
This trend suggests expectations of a price decline, with potential for volatility. A sudden price increase could trigger a short squeeze, forcing traders to close short positions and creating upward momentum. Conversely, the dominance of shorts may indicate continued bearish pressure as Bitcoin struggles to reclaim key levels.
Bitcoin Sell-Off Looms at $100K Milestone
Crypto writer “eVelocity” forecasts significant price surges ahead, while tech YouTuber Marques Brownlee predicts a major sell-off after Bitcoin reaches $100K, as investors may cash out profits. Data from Bitcoinity reveals a substantial 2,400 BTC sell wall at $100,000, with additional sell orders increasing toward $107,000, potentially capping the rally.
Michael Saylor of MicroStrategy advocates holding Bitcoin, yet many investors appear ready to take profits at the $100,000 milestone. CryptoQuant CEO Ki Young Ju noted discussions about Bitcoin's price movement as it exceeds the $100,000 mark on the Chicago Mercantile Exchange.
Bitcoin Soars 40% Post-Trump Win
Bitcoin surged over 40% following Donald Trump’s election victory, driven by expectations of his plans to enhance the US's status as a global crypto hub. Anticipation builds as SEC Chair Gary Gensler confirmed his resignation effective January 20, indicating a shift toward clearer regulatory frameworks for the US crypto industry.
This evolving landscape has rekindled market momentum, with Bitcoin leading the charge. As Bitcoin approaches the $100,000 mark, various opinions emerge regarding its future trajectory. Joe Burnett from Unchained believes Bitcoin will continue to grow significantly, suggesting that broader corporate and national adoption will drive further price increases.