Alts increasing vs Bitcoin; BTC shorts decline 67% - altseason soon?

02 Jul, 2019
by Will Heasman

Today Chepicap's Will Heasman takes a look at the state of the market with this latest Bitcoin dip, the recent 67% decline in Bitcoin shorts and the impact it had on BTC, as well as the difference between altcoin gains in BTC and in USD…

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Bitcoin is currently 166% up year to date, and citing the highest price since March 2018, also, if you’ve been paying close attention, BTC recently had a relatively small decline…

It's important to note that BTC has gone from $3.5k to 10k in the space of 6 months. Moreover, in June alone the #1 climbed from $7k right up to $14k, if there wasn’t at least some kind of correction following that kind of action, something would be seriously amiss.

While this correction was fairly well expected, one thing that wasn’t quite as anticipated was a 67% decline in the amount of shorts registered on Bitfinex, with over $220 million worth of Bitcoin shorts completely vanishing in the space of 5 minutes.

Typically, a close like this would initiate some price action, likely resulting in a pump due to the investor being forced market buy the loss of the position, but not this time. This time the whale supposedly managed to claim the position using his own BTC rather than market buying, leading to a disparity between the amount of shorts and longs, something which incited a drop the price of BTC.

Although it's not all bad, as it's been noted that ALT/BTC pairs are actually flourishing right now despite the turning trend. Does this mean that alt season could be on its way?

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