RATE Group | Market Wrap: Bitcoin Steady at $7.5K as Short Sellers Back Off
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Market Wrap: Bitcoin Steady at $7.5K as Short Sellers Back Off

25 Apr Market Wrap: Bitcoin Steady at $7.5K as Short Sellers Back Off

Posted at 00:15h in Cryptocurrency News by

Since Thursday’s jolt in bitcoin prices, the cryptocurrency has traded in a tight range close to the $7,500 level. It has not only come back from the losses suffered in March, it’s also showing some upward momentum. 

The price for one BTC is currently above 10-day and 50-moving averages on the daily charts, a bullish technical signal. “Despite the mid-March 2020 bitcoin sell-off when we saw a close to 50 percent drop, it has now, within a month, recovered 95 percent,” said Antoni Trenchev co-founder of crypto lender Nexo.

btcdailyapr24
Daily trading on Coinbase for the past six months
Source: TradingView

Thursday’s jump in bitcoin price, briefly as high as $7,800 on some spot exchanges, hurt short sellers in the crypto derivatives market. Those trades betting on crypto prices going downward have not returned to derivatives exchanges like BitMEX, said Vishal Shah, an options trader and founder of exchange platform Alpha5. 

“What we saw yesterday was a collapse in open interest, and no…

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