RATE Group | Bitcoin Short Positions Record Their All-Time High on Bitfinex
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Bitcoin Short Positions Record Their All-Time High on Bitfinex

07 Dec Bitcoin Short Positions Record Their All-Time High on Bitfinex

Posted at 20:37h in Bitcoin News by

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This current bear market broke a new record, and it’s a negative one: As of writing this, the leading margin trading exchange Bitfinex had broken its all-time a high number of open short positions on Bitcoin. This has happened as the short positions just crossed 41,000 BTC.

The bad news is for the bulls: As more people are thinking that the current bear market will continue, as well as keep on selling Bitcoin and selling Bitcoin by opening short positions, we are likely to see new yearly lows. Today, Bitcoin recorded a new annual low which is around $3,200 as of writing this.

The good news is that a significant move up could cause mass liquidations of those newly opened short positions, or in other words, a short squeeze.

A short squeeze is when a sharp move up forces the sellers to close their short positions, as those open positions are reaching their stop losses. The effect is the same as Dominoes – as more and more shorts are getting closed, the buying orders are reaching…

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