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27 July 2021

Bitcoin price set to rebound? BTC shorts on Bitfinex crash by 25% after record spikes

Bitcoin price set to rebound? BTC shorts on Bitfinex crash by 25% after record spikes


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Bitcoin (BTC) bears should watch out for a potential blow as the number of margined short positions on the Bitfinex exchange crashes by roughly 25%.

In simple terms, BTCUSDSHORTS represents the number of margined bearish positions on Bitfinex, measured in BTC.

That said, the latest data shows that traders have reduced their leveraged bearish exposure in the Bitcoin market.

Popular trader Scott Melker claimed that each massive drop in the BTCUSDSHORTS positions on Bitfinex leads to a run-up in the spot Bitcoin prices, adding that he will be watching markest for a similar bullish reaction.

The Bitfinex short positions went for a Bear Run after December 2020, a period that coincided with a spike across Bitcoin spot and derivatives markets.

In April-May, a run-down in Bitfinex short positions coincided with the Bitcoin price surging from sub-$45,000 to a record high of $65,000. .

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