Bitcoin at $104K: Market sees increase in short positions amid ATH push

• BTC is about to hit a brand new ATH.
• Regardless of this pattern, extra merchants have taken quick positions.

Regardless of Bitcoin [BTC] buying and selling at $104,500 and with a robust uptrend, the lengthy/quick ratio on Binance exhibits that nearly 60% of merchants have quick positions. With BTC buying and selling above the main transferring averages, bulls stay in management, able to push costs greater if the $105,000 resistance is damaged.

The lengthy/quick ratio signifies a rising bearish bias

The newest knowledge evaluation on the lengthy/quick ratio on Mint glass highlights that nearly 60% of merchants on Binance are shorting Bitcoin. This vital tilt towards bearish sentiment displays the cautious sentiment amongst market individuals whilst BTC continues its uptrend.

Supply: Coinglass

The lengthy/quick ratio charts present constant dominance of quick positions during the last two buying and selling classes. The pattern signifies that many merchants are hedging towards a doable correction or overbought scenario.

Curiously, this bearish sentiment comes at a time when Bitcoin has maintained a robust value trajectory and is buying and selling round $104,500.

Such a divergence between sentiment and value motion might point out underlying market power, with bears probably experiencing liquidation within the occasion of additional upward momentum.

Liquidation Tendencies: Shorts are more and more in danger

Liquidation knowledge from the previous two buying and selling classes exhibits that quick positions have suffered heavier liquidations than lengthy positions. The latest buying and selling session noticed a notable spike in brief liquidations, with 68.78 million for shorts and $13 million for longs.

This rise signifies that bearish merchants anticipating a pullback have been caught off guard by Bitcoin’s resilience above key psychological ranges.

Supply: Coinglass

When this liquidation pattern is mixed with the excessive share of quick positions, it turns into clear that BTC’s upward momentum has put vital stress on leveraged bears.

Merchants might want to hold an in depth eye on liquidation ranges as additional value will increase might result in extra quick squeezes, probably pushing BTC greater.

Bitcoin is in management amid RSI and transferring common alerts

Bitcoin’s value motion stays bullish on the every day timeframe, supported by technical indicators pointing to sturdy upside momentum. The Relative Power Index (RSI) at the moment stands at 67.65, indicating that BTC is approaching overbought territory however nonetheless has room for additional upside potential.

Traditionally, RSI ranges round 70 have been related to short-term corrections; Nevertheless, Bitcoin’s capability to take care of present ranges might alleviate quick bearish considerations.

Supply: TradingView

Furthermore, the value of BTC is buying and selling properly above the 50 and 200 day transferring averages, additional reinforcing the bullish outlook. The Golden Cross continues to behave as a robust assist for the continued rally.

A detailed above $105,000 might open the door to testing $110,000, whereas quick assist is round $100,000.

Can Bears Resist BTC’s Momentum?

The present bearish positioning amongst merchants doesn’t appear to be in keeping with Bitcoin’s sturdy upward momentum. With quick liquidations piling up and BTC holding key assist ranges, the market might be primed for additional good points if quick merchants capitulate.

Learn Bitcoin (BTC) value prediction 2024-25

The interaction between the lengthy/quick ratio, liquidations, and value motion means that Bitcoin bulls stay firmly in management for now.

As merchants assess the dangers, the market’s capability to soak up the promoting stress and keep its upward trajectory will probably be essential. Traders ought to keep watch over Bitcoin’s resistance at $105,000 and assist at $100,000 for alerts of the subsequent change in course.