Bitcoin

Optimism

The market has no mercy on Bitcoin (BTC) short traders as a new uptrend is brewing in response to the rise in Open Interest (OI) observed overnight. This trend was predicted by market analyst CrediBULL Crypto who noted that the trends around Bitcoin volume have set the stage for a nice squeeze that can drive price upward.
<h2 id="strong-bitcoin-btc-resilience-hurting-short-sellers-strong">Bitcoin (BTC) Resilience Hurting Short Sellers</h2>
The current price action of Bitcoin is posing a serious threat to the capital base of short sellers. The coin is currently trading at $35,217.97, up by 2.3% as trading volume soared by 11.89% to $15,318,050,817.
With this trend, short traders are notably being obliterated as showcased by the chart shown below. This chart potentially stems from the perpetual takers who have refused to sell, decreasing funding in the futures market.&nbsp;
<img decoding="async" class="aligncenter size-full wp-image-163682" src="https://coingape.com/wp-content/uploads/2023/11/BTC-SHORTS.jpeg" alt="Bitcoin (BTC) shorts chart" width="2734" height="1704" srcset="https://coingape.com/wp-content/uploads/2023/11/BTC-SHORTS.jpeg 2734w, https://coingape.com/wp-content/uploads/2023/11/BTC-SHORTS-300x187.jpeg 300w, https://coingape.com/wp-content/uploads/2023/11/BTC-SHORTS-1224x763.jpeg 1224w, https://coingape.com/wp-content/uploads/2023/11/BTC-SHORTS-768x479.jpeg 768w, https://coingape.com/wp-content/uploads/2023/11/BTC-SHORTS-1536x957.jpeg 1536w, https://coingape.com/wp-content/uploads/2023/11/BTC-SHORTS-2048x1276.jpeg 2048w, https://coingape.com/wp-content/uploads/2023/11/BTC-SHORTS-150x93.jpeg 150w" sizes="(max-width: 2734px) 100vw, 2734px">
To put it in proper perspective, <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/LiquidationData">data from CoinGlass</a> shows that a total of $50.31 million worth of crypto has been liquidated in the past 4 hours. While long traders still dominate this liquidation with $29.47 million, the proportion of the volume from short traders liquidated has grown to $21.02 million.&nbsp;
The dynamics even present a more interesting shift in the past hour as the liquidated volume from short sellers is $14.43 million, far outpacing that of the longs at $1.33 million. Commenting on this trend, CrediBULL Crypto noted that there will be little resistance moving forward, but that the $35,400 level is one key level to keep an eye on.
<h2 id="strong-optimism-around-bitcoin-remain-strong">Optimism Around Bitcoin Remain</h2>
CrediBULL Crypto is one of the mainstream crypto analysts with deep convictions that Bitcoin is primed for its next major rally. While hurdles cannot be ruled out for Bitcoin in its journey up, the analyst forecasts the $34,600 as a <a href="https://coingape.com/bitcoin-btc-price-consolidates-as-analyst-predicts-next-stop/" rel="noopener noreferrer nofollow">local invalidation level </a>or support zone to watch.
Bitcoin’s outlook is worth keeping an eye on seeing the premier coin has grown by 114% year to date. As market stakeholders keep up anticipation for a <a href="https://coingape.com/mike-novogratz-sees-spot-bitcoin-etf-approval-by-sec-this-year/" rel="noopener noreferrer nofollow">potential approval of Bitcoin spot ETF </a>by the US SEC, the imbalance in capital usage in the futures market can serve as a trigger to watch out for in the near term.
As the year journeys to a close, more inherent volatility are imminent but the ETF sentiment, complemented by the <a href="https://coingape.com/bitcoin-forms-historic-golden-cross-ath-halving-planb-s2f-buy/" rel="noopener noreferrer nofollow">upcoming halving </a>can help Bitcoin (BTC) pull a remarkable bullish stunt.
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/bitcoin-btc-shorts-obliterated-amid-surge-in-open-interest/">Bitcoin (BTC) Shorts Obliterated Amid Surge in Open Interest</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

Bitcoin (BTC) Shorts Obliterated Amid Surge in Open Interest

Table of Contents

Coingape News Media

Other articles published on Nov 7, 2023

LRCX Stock Price Prediction 2023-25: Is LRCX Ready to Outperform?

Why Telegram Wallet prioritizes user-friendly onboarding

Bitcoin Price and SOL Coin Analysis: Can Losses Deepen?

Kazakhstan Blocks Coinbase and Other Crypto Exchanges Over Regulatory Concerns

Shiba Inu Burn Rate Surges 13,000% Amid Whales Moving 11 Trillion SHIB

Bitcoin Surges Above $35,000 Again – What Does the Latest Liquidation Data Show?

Join our free newsletter for daily crypto updates!