Huge short Bitcoin positions above $71k suggest potential for rapid market movements


Quick
Take

Bitcoin
has,
for
now,
cemented
itself
above
$70,000,
boasting
a
market
cap
of
roughly

$1.4
trillion.
The
close
on
June
4
above
$70,000
marks
only
day
13
that
Bitcoin
has
achieved
this
level,
with
just
seven
days
seeing
a
close
above
$70,954,
according
to

Case
Bitcoin.

Price Days
Above
%
of
Bitcoin’s
Life
$80,000 0 0
$70,954 7 0.12%
$70,000 13 0.23%
$60,000 136 2.42%
$50,000 257 4.56%

Source:
casebitcoin

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Coinglass
data
indicates
substantial
short
positions
on
the
BTCUSDT
pair
on
Binance,
with
a
few
billion
dollars
of
liquidation
leverage
above
$71,000.
The
majority
of
this
leverage
is
concentrated
around
$72,000,
just
below
the
current

all-time
high
of
$73,600.
This
positioning
suggests
the
potential
for
rapid
market
movements
if
these
levels
are
breached.

Binance
BTC/USDT
Liquidation
Heatmap
(1
Month)

Open
interest
in
Bitcoin,
which
refers
to
the
total
number
of
outstanding
Bitcoin
futures
contracts,
is
also
on
the
rise.
Coinglass
reports
that
520,000
Bitcoin
are
currently
allocated
to
open
interest,
surpassing
the
peak
seen
in
March
when
Bitcoin
reached
its
all-time
high.

Although
the
funding
rate
heatmap
shows
a
premium
of
17%—a
high
but
manageable
level
compared
to
the
over
100%
seen
in
March—the
market
appears
relatively
mild
compared
to
then.

Despite
some
speculation,
significant

Bitcoin
withdrawals
from
exchanges
and

strong
ETF
inflows
from
the
US
suggest
that
this
rally
could
be
sustained.


Disclaimer:
According
to
Case
Bitcoin,
the
term
“closed”
refers
to
the
trading
price
of
bitcoin
at
midnight
UTC.

Go to Source
Author: James Van Straten


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