Why Bitcoin (BTC)’s Recent 20% Pump Is More Bearish Than Bullish Long Term – Crypto Daily

Why Bitcoin (BTC)’s Recent 20% Pump Is More Bearish Than Bullish Long Term – Crypto Daily

Bitcoin (BTC) surprised the whole crypto community with a sudden 20% spike today in less than 5 minutes. Until now, nobody knows what triggered this spike. We do not know whether this was some major whale that placed a large order on a big exchange or a shark who liquidated some short positions that led to the sudden spike. By now, the number of margined shorts has also seen a major decline also around 20% but those who have been following BTCUSDShorts while BTC/USD spiked know that the number of margined shorts fell after the spike in the price of Bitcoin (BTC). This means that the spike is unlikely to have to do much with shorts being liquidated. Although once the price started to rise, it definitely liquidated some shorts along the way and scared some bears into closing their positions.

As nobody knows definitively what caused this spike, it is not much use digging further into this. What is useful to dig further into is the intent behind this spike. If the sudden 20% spike in the price of Bitcoin (BTC) was not aimed at liquidating margined shorts, then what was the intent behind it? Well, for weeks now the majority of the crypto community has been anticipating an end to the bear market. As we know the majority is always wrong but it helps a lot when the majority is one the same page. This move has once again brought the majority on the same page which definitely helps the bears long term as it allows them to prey on more bulls so long as Bitcoin (BTC) remains far away from its true bottom. Those in the crypto community celebrating this move need to be cautious as the exact same thing happened just before the major decline that pushed it below $6,000.

The net result of all the developments of the past few weeks have been a strong blow to the bearish resolve. The number of margined shorts has now declined more than 15% and is expected to decline further. The daily chart for BTCUSDShorts shows the number of margined shorts back at a strong support. In the days that follow, we will see a trend reversal in BTCUSDShorts as it has been long overdue. It is important to note that BTCUSDShorts is even more oversold on the weekly time frame. Retail bears might be giving up by now but the professionals are faced with opportunities of a lifetime. This is one the best times in history to be short on Bitcoin (BTC).

The cryptocurrency market still remains overbought on the weekly timeframe. The stock market is in an alarming condition and poses a big threat to emerging markets should equities see a decline in the weeks ahead. Everything points to the same conclusion and that is whether Bitcoin (BTC) has bottomed or not it is due for a major decline in the near future. There are some bold calls for a decline below $2,000 or a bottom near $1,000 but the fact of the matter is that we are not done here. The price is due for significant further downside and investors should know that the price can fall in the same manner that it climbed today. The fall however would have better odds of being sustainable.

Next article

Ethereum (ETH) Likely To Slide Below $130 If Price Closes Below 200 Day MA


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