Bitcoin

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 <p>Blockchain analytics platform Santiment says that the odds are Bitcoin (BTC) will soon move to the upside due to one factor.</p> 
 <p>The analytics platform says that Bitcoin is seeing a lot of short interest on two major crypto exchanges, which could set the stage for a short squeeze and send BTC beyond $30,000.</p> 
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 <p><em>“Bitcoin traders are aggressively shorting on both Deribit and Binance, making potential liquidations more likely to boost prices. BTC’s price is +4% since the increase in shorting began to appear last week. This has a good probability of continuing.”</em></p> 
 <figure style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="css-9pa8cd" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F6fi8XNWIAEbIv-?format=jpg&amp;name=4096x4096" alt="Image" width="2758" height="1738"> 
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    Source: Santiment/X 
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 <p>A short squeeze happens when traders who borrow an asset at a certain price in hopes of selling it for lower to pocket the difference are forced to buy back the assets they borrowed as momentum moves against them, triggering further rallies.</p> 
 <p>Santiment also says that Bitcoin’s network activity shot up this month as BTC crossed the $27,000 level.</p> 
 <p><em> “Bitcoin’s on-chain activity continues to be significantly higher than it has been since April. Utility is notably higher, and the third largest day [of activity] in dormant BTC in three months also occurred yesterday. The low $27,000 level is proving to be polarizing.”</em></p> 
 <figure style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="css-9pa8cd" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F6dEaSCXkAALcTB?format=jpg&amp;name=4096x4096" alt="Image" width="2884" height="1822"> 
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    Source: Santiment/X 
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 <p>The analytics firm is keeping a close eye on how many stablecoins deep-pocketed crypto investors are holding. An increase after a period of decline could indicate Bitcoin will move to the upside, according to Santiment.</p> 
 <p><em>“Whales have been dropping stablecoins, indicating that their buying power isn’t quite as strong as when Bitcoin was above $30,000 back in June. [Holdings are] now at the lowest level in six months. Look for $5 million+ whale wallets to increase again to signal a turnaround.”</em></p> 
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  <img decoding="async" loading="lazy" class="css-9pa8cd" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F6a80rraEAAT0Gk?format=jpg&amp;name=medium" alt="Image" width="1200" height="766"> 
  <figcaption class="wp-caption-text">
    Source: Santiment/X 
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 </figure> 
 <p>Bitcoin is trading for $26,588 at time of writing, down 2.2% in the last 24 hours.</p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-stands-a-good-chance-of-surging-higher-according-to-analytics-firm-santiment-here-s-why-tbt63594.html">https://thebittimes.com/bitcoin-stands-a-good-chance-of-surging-higher-according-to-analytics-firm-santiment-here-s-why-tbt63594.html</a></p>

Bitcoin Stands a Good Chance of Surging Higher, According to Analytics Firm Santiment – Here’s Why

TheBitTimes

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