Is the selling pressure in Bitcoin a comeback signal?
Latest central exchange data shows that Bitcoin investors are aggressively shorting.
Blockchain analysis platform Santiment, in its latest post, revealed that Bitcoin investors are aggressively opening BTC short positions on crypto futures exchange Deribit and Binance. In the scenario put forward by Santiment, it was presented that the cryptocurrency could move towards the $ 30,000 gate after a possible increase in the BTC price to the extent that it would liquidate the existing short positions.
Focusing on a sales position squeeze in the Bitcoin market, Santiment analysts point out that such returns have frequently occurred in the past. So much so that the Bitcoin price increased by 10% from last week's lows. However, while the selling pressure has not yet been eliminated, Bitcoin fell to the $ 26,600 band, with a decrease of over 1.5% today.
Focusing on a sales position squeeze in the Bitcoin market, Santiment analysts point out that such returns have frequently occurred in the past. So much so that the Bitcoin price increased by 10% from last week's lows. However, while the selling pressure has not yet been eliminated, Bitcoin fell to the $ 26,600 band, with a decrease of over 1.5% today.
After the Fed left the interest rate constant yesterday and gave strong signals that the interest rate increase may continue in the coming periods, uncertainty remained in the market. This supported the negative outlook by causing last week's purchases at the low level in the $25,000 region to turn into profit-taking.
The Bitcoin and cryptocurrency market in general continues to price in the current global uncertainty due to a lack of catalysts and remains under selling pressure. However, if a possible increase in reverse positions in response to the increase in the weight of Santiment's short positions triggers liquidations, it can be seen that the Bitcoin price may make a jump in the short term.
