Bitcoin longs and shorts decreasing as market unsure of Bitcoins next move

15 Jul, 2019
Analysis
Bitcoin longs and shorts decreasing as market unsure of Bitcoins next move

Bitcoin longs and shorts have seen a decrease on margin trading crypto exchange BitMex following a huge correction over the past 24 hours. 

While Bitcoin has been extremely volatile over the past month, margin traders continue to sweat over their positions which have seen massive liquidations on the margin exchange platform during Bitcoins price surges. 

BitMex currently has 21,800 long positions versus a mere 5,600 short positions, according to Datamish.

Both long and short positions have seen decreases over the past six hours, as BTC remains extremely volatile. Interestingly enough, there are four times the amount of long positions compared to short positions, meaning most of the traders on BitMex expect Bitcoin to recover at these levels and continue upwards. Long liquidations over the past six hours has only seen $8 million in longs liquidated, compared to $3.31 million in shorts. However, if Bitcoin continues to see more downside, that liquidation figure on longs, could be massive.

Bitcoin currently holds the $10,000 resistance level at $10,250 and will look to hold the level if any upside potential is expected this week. 

BTC/USD Chart provided by Tradingview

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Read more about: Bitcoin (BTC)

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