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Kriptoteka > Market > ETFs > Binance Traders Short Bitcoin at $60K: What’s Happening?
ETFs

Binance Traders Short Bitcoin at $60K: What’s Happening?

marcel.mihalic@gmail.com
Last updated: September 17, 2024 11:51 am
By marcel.mihalic@gmail.com 4 Min Read
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This article is also available in Spanish.

Crypto analyst Ali Martinez has disclosed the negative sentiment prevalent among Binance’s leading traders regarding Bitcoin. This indicates that the prominent cryptocurrency may soon face substantial downward pressure.

Binance’s Top Traders Are Taking Short Positions on BTC

Martinez mentioned in a post on X (formerly Twitter) that 51.41% of the top traders on Binance are shorting Bitcoin. This suggests that these traders predict a price decrease for the flagship cryptocurrency despite its recent surge above $60,000. Indeed, BTC began this week with a price correction, falling to $58,000.

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Bitcoin 1
Source: X

This pessimistic perspective on Bitcoin implies that the ascent to $60,000 was merely a relief bounce rather than a genuine bullish reversal. In a recent assessment, Martinez noted that the flagship cryptocurrency was still in a downtrend. He referred to the Bitcoin market value to realized value (MVRV) momentum, which he indicated demonstrates that the cryptocurrency has been on a decline since dropping below $66,750 in June. He remarked that the trend has yet to change.

BTC 2
Source: X

With Bitcoin remaining in a downtrend, the cryptocurrency risks incurring further declines. Martinez emphasized the $58,100 price level as significant, noting that a breakout below this level could result in a drop towards $55,000. Conversely, he noted that Bitcoin might bounce back to mid or upper levels around $60,200 or $62,000 if it maintains the lower boundary of the parallel channel.

Bitcoin 3
Source: X

In addition, crypto analyst Jelle recently pointed out that $65,000 is the crucial price level Bitcoin needs to regain for a bullish reversal. However, achieving that price point appears challenging, particularly with concerns regarding the prospective rate cuts and the upcoming US presidential elections. Bitcoin bulls seem to be waiting to observe how the market reacts to the Fed’s interest rate decision slated for September 18.

It’s also worth noting that September has historically been a bearish month for Bitcoin, and this year is not expected to deviate from that trend as investors prepare to re-enter the market in October.

Bitcoin Could Potentially Fall to $15,000

Esteemed economist Peter Schiff has cautioned that Bitcoin may still plunge to as low as $15,000. He pointed out what he considers a triple top on Bitcoin’s chart. The economist further elaborated that the chart appears even more unfavorable if the flagship cryptocurrency is measured in gold. At a minimum, Schiff anticipates BTC to descend to the upward trend line around $42,000, although he is skeptical it will maintain that support level.

Related Reading

BTC 4
Source: X

Therefore, he forecasts that Bitcoin will revisit the long-term support between $15,000 and $20,000. Whether this prediction holds true remains to be seen, but Schiff has consistently maintained a bearish stance towards Bitcoin and has advocated for gold over the flagship cryptocurrency.

As of this writing, Bitcoin is trading at approximately $58,200, reflecting a decline over the last 24 hours, according to data from CoinMarketCap.

Bitcoin price chart from Tradingview.com
BTC price holds above $58,000 once again | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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