Though the main cryptocurrency Bitcoin (BTC) tried to interrupt above $60,000 ranges over the weekend, it confronted a robust rejection from there.
BTC skilled a big decline from the $60,000 ranges and dropped to $58,000 ranges.
Whereas there may be uncertainty concerning the cause for this decline, cryptocurrency investor HODL15Capital claimed that rising brief positions have been behind this decline.
Posting from his account X, HODL15Capital famous that as quickly because the Bitcoin value rose to $60,000, Bitcoin shorts skilled an aggressive improve throughout a number of exchanges.
At this level, HODL15Capital mentioned there’s a huge imbalance throughout a number of totally different crypto exchanges, together with Deribit, Bitmex, Bitfinex, Kraken, and HTX.
Mentioning that Ethereum brief positions have additionally elevated aside from Bitcoin, HODL15Capital said that prime leveraged brief positions of 50x and 100x on Binance could quickly be liquidated, indicating a possible market change.
“Bitcoin shorts have change into fairly aggressive throughout many exchanges.
What is going on on?
I predict all 50x and 100x leveraged shorts on Binance can be deleted quickly… See you guys…”
HODL15Capital claims that in line with the information, brief positions in Bitcoin could quickly be deleted, indicating a potential rise in Bitcoin and market change.
My guess is all these 50x and 100x leveraged shorts on Binance can be worn out quickly 👇 We see you lads 🤷‍♂️ pic.twitter.com/MKuvUvGZJC
— HODL15Capital 🇺🇸 (@HODL15Capital) August 19, 2024
*This isn’t funding recommendation.
