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Bitcoin ETF

Bitcoin

<p style="text-align: justify">The world’s largest cryptocurrency, <a href="https://en.coin-turk.com/bitcoin-price-analysis-strong-breakout-above-resistance-trend-line-indicates-potential-recovery/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC), has continued its strong upward trend and surpassed the $30,000 level. Derivative data shows that the price increase has once again led to a buildup of short positions in BTC.</p>
<h2 style="text-align: justify" id="bitcoin-surpasses-30-000-with-increasing-short-positions">Bitcoin Surpasses $30,000 with Increasing Short Positions</h2>
<p style="text-align: justify">Experienced cryptocurrency analyst Ali Martinez reported that approximately 60% of <a href="https://en.coin-turk.com/sec-binance-case-confidential-documents-to-be-disclosed/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> accounts with open BTC futures positions have opened short positions when Bitcoin was at around $30,000.</p>
<p style="text-align: justify"><img decoding="async" class="aligncenter wp-image-269208" src="https://coin-turk.com/wp-content/uploads/2023/10/Binance-Bitcoin.png" alt="" width="551" height="665"></p>
<p style="text-align: justify">The analyst also warned that the chart of Bitcoin signals an upcoming price correction in the largest cryptocurrency. Martinez stated that there is a growing discussion about the potential development of a head and shoulders formation on Bitcoin’s daily chart.</p>
<p style="text-align: justify">Furthermore, the TD Sequential indicator on the Bitcoin chart shows the presence of nine green candlesticks, indicating a potential sell signal in the daily chart tomorrow. Additionally, the Relative Strength Index (RSI) has reached a level of 74.21, which has triggered significant corrections since March. Martinez commented, “It seems that if Bitcoin fails to close above $31,560 on the daily time frame, there will be a minor price correction.”</p>
<p style="text-align: justify"><img decoding="async" class="aligncenter size-full wp-image-269209" src="https://coin-turk.com/wp-content/uploads/2023/10/Bitcoin-BT-Kripto-Krali.jpeg" alt="" width="2182" height="1230"></p>
<h2 style="text-align: justify" id="bitcoin-s-superior-performance">Bitcoin’s Superior Performance</h2>
<p style="text-align: justify">Bitcoin has experienced an extraordinary rally since the beginning of the year, gaining over 80% during this period. The world’s largest cryptocurrency has outperformed altcoins and stocks despite macro challenges. The currently soaring US 10-year Treasury yields, which are at the highest levels in the past 16 years, have affected Ethereum (ETH) and other altcoins but have not had the same impact on Bitcoin. <a href="https://en.coin-turk.com/apple-pays-record-amount-for-book-rights-on-sbfs-life/" data-wpel-link="internal" rel="noopener noreferrer nofollow">News</a> of the potential approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) has been a catalyst for the recent price rally.</p>
<p style="text-align: justify">Currently, investors are locked in a fierce battle around the $30,000 level in Bitcoin, and the fact that buyers have not yet managed to secure a significant breakout from this key area is indicative of this. Furthermore, the ongoing consolidation near this point indicates the bulls’ reluctance to convert their gains into cash, as they anticipate a potential upward move. This situation could potentially push the price towards the resistance zone between $31,000 and $32,400.</p>
<p style="text-align: justify">On the other hand, a pullback from the $31,000 level could push the price down to $28,160, which corresponds to the 20-day Exponential Moving Average. A bounce from this level could once again prompt the bulls to make a breakthrough move.</p> Continue Reading: <a href="https://en.coin-turk.com/bitcoin-surpasses-30000-with-increasing-short-positions/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitcoin-surpasses-30000-with-increasing-short-positions/</a>

Bitcoin Surpasses $30,000 with Increasing Short Positions

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