Bitcoin shorts increasing on BitMex, now over 30,000 shorts

29 Jun, 2019
Analysis
Bitcoin shorts increasing on BitMex, now over 30,000 shorts

Bitcoin looks like it has found an area of support around $12,000, however Bitcoin shorts on BitMex are steadily growing. 

With the increase in Bitcoin shorts on Bitmex, Bitcoin could be heading for a major move as Bitcoin shorts on margin trading exchange BitMex surpassed 30,000 shorts versus 20,000 longs.

The increase in short trades indicates that traders feel BTC could continue to see a bigger correction after touching a new yearly high around $14,000. However, in the past, Bitcoin has seen a massive surge upwards when shorts begin to grow as seen earlier this year. 

Currently BitMex has seen $12 million in shorts liquidated over the past six hours compared to $5 million in long liquidations. 

Bitcoin looks to have leveled out after a volatile week in price, and now sits around $12,000. All eyes will be on the price, which some say could retest $9,000 levels again before attempting to chase down the all-time high of $20,000.

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Read more about: Bitmex Bitcoin (BTC)

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