Bitcoin

<p>According to a recent tweet by crypto trader <a href="https://twitter.com/ali_charts/status/1714527645038219387?t=msAvaAnoiYGKcEoiGjLxbg&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Ali</a>, 51% of Binance accounts trading Bitcoin futures currently have open short positions, betting on a price decline.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="995" height="1024" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-443-995x1024.png" alt="" class="wp-image-358114" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-443-995x1024.png 995w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-443-292x300.png 292w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-443-768x790.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-443-1493x1536.png 1493w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-443-1991x2048.png 1991w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-443-146x150.png 146w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-443-100x103.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-443-340x350.png 340w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-443-788x810.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-443.png 661w" sizes="(max-width: 995px) 100vw, 995px">
</figure>
<p>This data comes as the price of Bitcoin approaches $29,000, after the recent surge to $30,000 following the recent fake Bitcoin ETF approval report. The price of BTC immediately dropped to the $28,000 level after it was confirmed that the report was fake.</p>
<p>The predominance of shorts suggests most active futures traders believe Bitcoin is overbought at current levels and expect an impending drop.</p>
<p>When traders take short positions in crypto futures, they are betting on the price going down. They borrow the asset, sell it at the current market price, and hope to buy it back later at a lower price to pay back the loaned amount, profiting on the difference.</p>
<p>These speculative short positions add selling pressure weighing on any further upside move. Crypto derivatives exchanges like Binance allow traders to short and bet against rising prices using leverage. This can accentuate move dynamics and increase volatility.</p>
<p>Seeing the majority adopting a short stance illustrates the cautious market sentiment around Bitcoin staging a deeper recovery without significant pullbacks.</p>
<p>However, heavily skewed positioning also raises the chance of a short squeeze if prices continue defying expectations on the upside. A cascade of short covering could propel a rally.</p>
<p>As Bitcoin tests resistance around $29,000, the mood of futures speculators provides useful perspective on the delicate psychology of traders at present. But with diverse views on direction, execution remains crucial.</p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>74% of retail CFD accounts lose money.</strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/what-are-bitcoin-traders-doing-as-btc-approaches-29k-mark/">What are Bitcoin Traders Doing as BTC Approaches $29k Mark?&nbsp;</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

What are Bitcoin Traders Doing as BTC Approaches $29k Mark?

Table of Contents

CaptainAltcoin

Other articles published on Oct 18, 2023

Major Japanese Businesses Ask Gov’t to Reform Crypto Tax System

Bitcoin Could Reach $31,500 ‘Very Quickly’ If It Breaks This Resistance Level According to Top An...

Introducing the $GCWine Utility Token!

Bitcoin price predictions: analyst sees $42k by mid-2024

Blockchain work innovator HUMAN Protocol launches Web3 event – Newconomics – alongside Web Summit...

ADA Price Analysis: Will ADA Exit This Triangle To Cross $0.30?

Join our free newsletter for daily crypto updates!