RATE Group | Bitcoin Shorts Reach All-Time Highs During Low Market Cycle, What’s Next?
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Bitcoin Shorts Reach All-Time Highs During Low Market Cycle, What’s Next?

02 Sep Bitcoin Shorts Reach All-Time Highs During Low Market Cycle, What’s Next?

Posted at 19:36h in Bitcoin News by

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Bitcoin short positions have been ranging near their all-time highs during the past month, signaling that traders are giving up hope that Bitcoin will maintain its current price of over $7,200. On September 1st, a notable 10,000 BTC short position was opened, bringing Bitcoin short positions back near their all-time high as Bitcoin shows relative stability in the low $7,000s.

Bitcoin Shorts Reaching All-Time Highs Could Act as Bitcoin Contrarian Indicator

Bitcoin shorts first reached their highest year-to-date position on April 9th, while Bitcoin was trading at approximately $7,000. At this point, short positions reached a year-to-date high of just over 38,000 open positions, which had slowly been growing from early February. In the month following short positions reaching this new high, BTC price climbed from $7,100 on April 9th, to just under $10,000 on May 5th.

Although this example of correlation between a large quantity of open short positions and a preceding price climb in…

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