Bitcoin Cash

Bitcoin

<div class="finbold">
 <p class="paragraph">The cryptocurrency market shifted from bearish to bullish as the week ended, following nonfarm payroll data reported on May 3. After days of continuous short-selling pressure, some cryptocurrencies display skyrocketing potential within the possibility of a short squeeze.</p>
 <p class="paragraph">Notably, <em>TradingView</em>‘s total crypto market cap index surged by over $277 billion month-to-date from a local bottom on May 1. On May 4, the index reached a $2.318 trillion capitalization local high, up over 13% in three days.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/05/04/e3e765a654a664523dc244f26a592b22.webp" alt class="wp-image-173939" srcset="https://cdn.thebittimes.com/images/2024/05/04/e3e765a654a664523dc244f26a592b22.webp 1024w, https://cdn.thebittimes.com/images/2024/05/04/e3e765a654a664523dc244f26a592b22.webp 300w, https://cdn.thebittimes.com/images/2024/05/04/e3e765a654a664523dc244f26a592b22.webp 768w, https://cdn.thebittimes.com/images/2024/05/04/e3e765a654a664523dc244f26a592b22.webp 1536w, https://cdn.thebittimes.com/images/2024/05/04/e3e765a654a664523dc244f26a592b22.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Total Crypto Market Cap Index, daily chart. Source: <em>TradingView</em>
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 <p class="paragraph">However, previous fear, uncertainty, and doubt (FUD) led <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency traders to massively short Bitcoin (BTC) and other <a rel="noopener noreferrer nofollow" title="cryptocurrencies" href="https://thebittimes.com/tag/cryptocurrencies.html">cryptocurrencies</a>. Thus, this increases the likelihood of short-<a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a> events for BTC and targets higher prices, as reported by Finbold on May 3.</p>
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 <p class="paragraph">In addition, Finbold spotted two cryptocurrencies in a similar situation, with negative funding rates and accumulated short-position liquidations.</p>
 <h2 class="wp-block-heading" id="h-short-squeeze-alert-for-bnb-chain-bnb">Short squeeze alert for BNB Chain (BNB)</h2>
 <p class="paragraph">The BNB Chain’s (BNB) current funding rate is the leading signal for a <a rel="noopener noreferrer nofollow" title="potential" href="https://thebittimes.com/tag/potential.html">potential</a> short <a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a> to Binance‘s native token. We retrieved this data on May 4 from the <em>CoinGlass</em> 30-day funding rate heatmap.</p>
 <p class="paragraph">In particular, BNB short-sellers are paying a 32.63% APR for long-position traders, which could fuel short liquidations. The BNB Chain has the sixth-largest open interest in the derivatives market, increasing this signal’s relevancy.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="515" src="https://cdn.thebittimes.com/images/2024/05/04/dfa8002f509e87f341d71b16d0d0525d.webp" alt class="wp-image-173940" srcset="https://cdn.thebittimes.com/images/2024/05/04/dfa8002f509e87f341d71b16d0d0525d.webp 1024w, https://cdn.thebittimes.com/images/2024/05/04/dfa8002f509e87f341d71b16d0d0525d.webp 300w, https://cdn.thebittimes.com/images/2024/05/04/dfa8002f509e87f341d71b16d0d0525d.webp 768w, https://cdn.thebittimes.com/images/2024/05/04/dfa8002f509e87f341d71b16d0d0525d.webp 1536w, https://cdn.thebittimes.com/images/2024/05/04/dfa8002f509e87f341d71b16d0d0525d.webp 1832w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Funding Rate Heatmap: BNB, 30-day, ordered by Open Interest. Source: <em>CoinGlass</em>
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 </figure>
 <p class="paragraph">As for the price targets, BNB has short-position liquidity pools from $600 to $630, currently trading slightly below this level.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="532" src="https://cdn.thebittimes.com/images/2024/05/04/02928116b0703492f20c4e46e7ed556c.webp" alt class="wp-image-173941" srcset="https://cdn.thebittimes.com/images/2024/05/04/02928116b0703492f20c4e46e7ed556c.webp 1024w, https://cdn.thebittimes.com/images/2024/05/04/02928116b0703492f20c4e46e7ed556c.webp 300w, https://cdn.thebittimes.com/images/2024/05/04/02928116b0703492f20c4e46e7ed556c.webp 768w, https://cdn.thebittimes.com/images/2024/05/04/02928116b0703492f20c4e46e7ed556c.webp 1536w, https://cdn.thebittimes.com/images/2024/05/04/02928116b0703492f20c4e46e7ed556c.webp 1830w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BNB Liquidation Heatmap, 1-month chart. Source: <em>CoinGlass</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="bitcoin-cash-bch">Bitcoin Cash (BCH)</h2>
 <p class="paragraph">Bitcoin Cash (BCH) has an even higher negative funding rate of 35.96%, the 10th-largest cryptocurrency ordered by open interest.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="515" src="https://cdn.thebittimes.com/images/2024/05/04/6060351c3db1e317d227614bcc2083ac.webp" alt class="wp-image-173942" srcset="https://cdn.thebittimes.com/images/2024/05/04/6060351c3db1e317d227614bcc2083ac.webp 1024w, https://cdn.thebittimes.com/images/2024/05/04/6060351c3db1e317d227614bcc2083ac.webp 300w, https://cdn.thebittimes.com/images/2024/05/04/6060351c3db1e317d227614bcc2083ac.webp 768w, https://cdn.thebittimes.com/images/2024/05/04/6060351c3db1e317d227614bcc2083ac.webp 1536w, https://cdn.thebittimes.com/images/2024/05/04/6060351c3db1e317d227614bcc2083ac.webp 1832w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Funding Rate Heatmap: BCH, 30-day, ordered by Open Interest. Source: <em>CoinGlass</em>
  </figcaption>
 </figure>
 <p class="paragraph">While BCH’s liquidity pools are less concentrated than BNB’s, the coin’s current price is far below the pending liquidations. Interestingly, there are unbalances in a large range from $500 to above $700. This offers a skyrocketing potential that could result in over 40% gains if Bitcoin Cash suffers a short squeeze.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="532" src="https://cdn.thebittimes.com/images/2024/05/04/93471f19f62c05c8a2a7cdb11677ed71.webp" alt class="wp-image-173943" srcset="https://cdn.thebittimes.com/images/2024/05/04/93471f19f62c05c8a2a7cdb11677ed71.webp 1024w, https://cdn.thebittimes.com/images/2024/05/04/93471f19f62c05c8a2a7cdb11677ed71.webp 300w, https://cdn.thebittimes.com/images/2024/05/04/93471f19f62c05c8a2a7cdb11677ed71.webp 768w, https://cdn.thebittimes.com/images/2024/05/04/93471f19f62c05c8a2a7cdb11677ed71.webp 1536w, https://cdn.thebittimes.com/images/2024/05/04/93471f19f62c05c8a2a7cdb11677ed71.webp 1830w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BCH Liquidation Heatmap, 1-month chart. Source: <em>CoinGlass</em>
  </figcaption>
 </figure>
 <p class="paragraph">However, despite the above economic analysis, these cryptocurrencies could still display negative price performance in the next few days. Short squeeze technical indicators do not guarantee the event will happen. Things can quickly change as the market moves, so investors must remain cautious.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/short-squeeze-alert-for-may-2-cryptocurrencies-with-skyrocketing-potential-tbt87451.html">https://thebittimes.com/short-squeeze-alert-for-may-2-cryptocurrencies-with-skyrocketing-potential-tbt87451.html</a></p>

Short squeeze alert for May: 2 cryptocurrencies with skyrocketing potential

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