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<p>The post <a href="https://coinpedia.org/news/bitcoin-nears-70000-is-a-massive-drop-coming-as-traders-bet-against-it/" rel="noopener noreferrer nofollow">Bitcoin Nears $70,000: Is a Massive Drop Coming as Traders Bet Against It?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p><a href="https://coinpedia.org/news/why-is-the-crypto-market-up-today-bitcoin-at-69310/" rel="noopener noreferrer nofollow">Bitcoin is nearing</a> the $70,000 mark, rising by 3.32% in the last 24 hours, and reaching its highest level in six weeks after former U.S. President Donald Trump expressed his support for cryptocurrency over the weekend.&nbsp;</p>
<p>Despite this bullish momentum, renowned crypto chart analyst Ali Martinez notes that 55% of investors with open BTC positions in Binance Futures are shorting Bitcoin, does it mean BTC could Fall?</p>
<h2 class="wp-block-heading" id="h-55-of-traders-bet-against-bitcoin">55% of Traders Bet Against Bitcoin</h2>
<p>According to Martinez’s analysis of the 4-hour Bitcoin chart, <a href="https://www.coinglass.com/BitcoinOpenInterest" rel="noopener noreferrer nofollow">55% of accounts</a> with open BTC positions in Binance Futures are betting against Bitcoin by shorting it. This indicates a bearish sentiment among traders who expect a potential decline in Bitcoin’s price.&nbsp;</p>
<p>On the other hand, 44.98% of investors are optimistic, believing that Bitcoin will surge from its current price level.</p>
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   <p lang="en" dir="ltr">55% of accounts with open <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> positions in <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> Futures are currently shorting <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>! <a href="https://t.co/yGNbaJiwXR" rel="noopener noreferrer nofollow">pic.twitter.com/yGNbaJiwXR</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1817863957958283470?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 29, 2024</a>
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<p>Meanwhile, the current long/short ratio stands at 0.82, suggesting that Bitcoin might face further downward pressure if it breaks below critical support levels. This ratio reflects the balance between those expecting a price increase and those predicting a decrease.&nbsp;</p>
<p>However, the ratio below 1.0 often indicates a higher number of short positions, hinting at bearish expectations.</p>
<h2 class="wp-block-heading" id="h-bitcoin-open-interest-hits-record-high">Bitcoin Open Interest Hits Record High</h2>
<p>On the flip side, <a href="https://coinpedia.org/price-analysis/with-bitcoin-near-70k-here-are-the-top-meme-coins-to-buy/" rel="noopener noreferrer nofollow">Bitcoin’s</a> open interest, a metric that tracks the total number of open positions in the underlying asset, has reached an all-time high of $39.46 billion across all exchanges. This surpasses the previous record of $39.03 billion set on March 29, 2024.</p>
<p>The current peak indicates increased investor interest in Bitcoin, suggesting the potential for a breakout toward $71,500 mark, with the possibility of rallying to a new all-time high.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> <br><br>The clustering continues between $65000 and ~$71500 <br><br>As a result, there is scope for Bitcoin revisiting the Range High at ~$71500 at some point in the future<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/mIuMJajbNs" rel="noopener noreferrer nofollow">https://t.co/mIuMJajbNs</a> <a href="https://t.co/l7eruRJ1oy" rel="noopener noreferrer nofollow">pic.twitter.com/l7eruRJ1oy</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1817191237763350962?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 27, 2024</a>
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<p>As of now, Bitcoin is currently <a href="https://markets.coinpedia.org/bitcoin/" rel="noopener noreferrer nofollow">trading at $69,631</a>, up 3% in the last 24 hours, and is just 6% away from its all-time high. Despite this price surge, BTC trading volume has dropped by 33%, with a market cap of $1.37 trillion.<br></p>

Bitcoin Nears $70,000: Is a Massive Drop Coming as Traders Bet Against It?

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