Bitcoin continues to trade at a 1.2% premium today, after the 5% drop it experienced yesterday.
The daily MA 20 is still important in Bitcoin, which is currently trading at $ 36,000. After the sharp declines, BTC, which managed to break this resistance twice, was unable to sustain and fell below the MA20. The Daily MA20 currently crossing the $ 36538 level is the next major resistance.
After a long hiatus in Bitcoin, we see that short positions are weighted and shorts bear the cost of funding.
At this point, Bitfinex whales come to the fore. We see a 1400% increase in short Bitfinex positions since June. Similarly, Bitfinex whales are seen to have opened a serious short position on November 26 and May 19, and by emptying these positions, the price decreased between 10% and 30%.
The possibility of whales opening short positions on Bitfinex by dumping the price as before to close these positions with profit should not be ignored. Since we don’t know how many short positions they want to open at the moment, these declines may not happen right away.
However, it is also known that the price moves in the opposite direction to the positions opened in large quantities in the market and these positions are liquidated.