As OI Continues To Rise, A Bitcoin “Short Squeeze” Drives The Price Of BTC To Over $35.9K

0
108
bitcoin

As shorts are squeezed and the price of bitcoin moves toward $36,000, over $15B in open interest in the cryptocurrency reaches a logical conclusion. With a “short squeeze” pushing the market close to $36,000, Bitcoin tickers below $35,341 showed typical BTC volatility in pricing until the daily close on November 7.

Bitcoin Is At A “Key” Short Price

TradingView and Cointelegraph Markets Pro data tracked the movement of BTC/USD in the face of extremely high OI on exchanges. Above $15B in OI is expected to cause a new wave of volatility, according to earlier reports from Cointelegraph. Some people were afraid that the price of Bitcoin would drop, and nobody could tell where it would end up. Predicting the occurrence, prominent trader Skew and several others examined the circumstances before the shift. Skew contended that if $34,800 returned, momentum would rise swiftly – a series of circumstances that eventually materialized.

“Open interest is continuing increasing and it appears that shorts are floating higher in this OI build-up. “The key level for an emergency is $34,800,” he informed X members. Material Indicators, an on-chain resource for monitoring, restated its earlier claim that $36K would remain unattainable this week. 

A post-move X article mentioned one of its trading indicators and said, “You could never say, ‘Never’ in a game like this, but based upon the most recent signals for Trend Precognition, I’d be astonished to see Bitcoin move beyond $36k by the Weekly close.” Meanwhile, another trader DCT saw “an interesting move” in the makeup of derivatives.

He pointed out that traders on Binance, the biggest cryptocurrency exchange, were placing themselves more bearishly than on Bybit, but they were far from a guaranteed “long squeeze”. “By bit perpetuals have continuously outperformed Binance in trading. While Binance has remained more short-oriented over this period, there has been a noticeable long interest in Bybit,” he said.