Rally

Bitcoin

Material

Bitcoin (BTC) experienced its trademark price volatility as a “short squeeze” pushed the market close to the $36,000 mark on November 7th.
Market data from Cointelegraph Markets Pro and TradingView closely tracked BTC/USD as it reacted to significantly elevated open interest (OI) on various cryptocurrency exchanges.
Earlier reports had indicated that the more than $15 billion in OI could trigger a fresh round of market volatility. There was uncertainty regarding whether Bitcoin’s price would decline or rise in response.
Ultimately, short sellers found themselves in a tough spot as Bitcoin rapidly gained ground, reaching just below $35,900.
Prior to this move, popular trader Skew and others had predicted the event. Skew had suggested that momentum would increase rapidly if Bitcoin’s price returned to $34,800—a prediction that came true.
Skew explained, “Open interest is still building up, and it appears that shorts have a larger position in the OI. $34,800 is a key price level for a squeeze.”
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On-chain monitoring resource Material Indicators also suggested that $36,000 would likely remain out of reach for the week based on their proprietary trading indicators.
Another trader, Daan Crypto Trades, observed an interesting shift in derivatives composition.
He noted that traders on the largest crypto exchange, Binance, were positioning themselves in a bearish manner compared to those on the exchange Bybit.
However, it was uncertain whether a “long squeeze” would occur.
By comparing the BTC/USDT perpetual swap pairs on both exchanges, he highlighted that Binance was trading at a lower level after the short squeeze.
He concluded, “It will be very interesting to see how this resolves. One thing is clear—Bybit traders are more bullish than Binance traders.”
Financial commentator Tedtalksmacro illustrated the impact of the squeeze on Binance, where short open interest had disappeared.
At the time of writing on November 8th, BTC/USD was trading at $35,300, with open interest still exceeding $15 billion, according to data from on-chain monitoring resource CoinGlass.
The cryptocurrency market remained dynamic and full of surprises, with traders closely monitoring various indicators to make informed decisions.
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Bitcoin Surges Near $36,000 in Dramatic Short Squeeze Rally

Crypto Intelligence

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