Binance Top Traders Go Short On Bitcoin At $60,000, What’s Going On?

Scott Matherson

9 months ago

3 mins read

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Crypto analyst Ali Martinez has revealed the bearish sentiment among Binance’s top traders towards Bitcoin. This development suggests that the flagship crypto might soon experience significant downward pressure.

Binance Top Traders Are Shorting BTC

Martinez revealed in an X (formerly Twitter) post that 51.41% of the top traders on Binance are shorting Bitcoin. This indicates that these traders expect the flagship crypto to experience a price decline despite its recent recovery above $60,000. Indeed, BTC started this week with a price correction, dropping to $58,000.

This bearish outlook for Bitcoin suggests that the rise to $60,000 was a relief bounce rather than a bullish reversal. In a recent analysis, Martinez also revealed that the flagship crypto was still in a downtrend. He alluded to the Bitcoin market value to realized value (MVRV) momentum, which he claimed shows that the flagship crypto has been in a downtrend since breaking below $66,750 in June. He added that the trend hasn’t shifted yet.

With Bitcoin still in a downtrend, the crypto risks suffering further declines. Martinez highlighted the $58,100 price level as crucial, noting that a break below could lead to a drop towards $55,000. On the other hand, he stated that Bitcoin could rebound to the mid or upper levels at $60,200 or $62,000 if it holds the lower boundary of the parallel channel.

Meanwhile, crypto analyst Jelle recently highlighted $65,000 as the price level Bitcoin must reclaim to enjoy a bullish reversal. However, reaching that price level is difficult for now, especially with uncertainty around the imminent rate cuts and the US presidential elections. Bitcoin bulls look to be waiting to see how the market reacts to the Fed’s interest rate decision that will be announced on September 18.

It is also worth mentioning that September is historically a bearish month for Bitcoin. This isn’t expected to be different as investors look to October as the month they will return to the market.

Bitcoin Could Still Drop To As Low As $15,000

Renowned economist Peter Schiff has warned that Bitcoin could still drop to as low as $15,000. He highlighted what he believes to be a triple top on Bitcoin’s chart. The expert added that the chart is worse if the flagship crypto is priced in gold. At the minimum, the economist expects BTC to drop to the upward trend line at about $42,000, but he doubts it will hold that support line.

As such, he predicts that Bitcoin will retest the longer-term support between $15,000 and $20,000. While it remains to be seen whether that happens, Schiff is known to be a Bitcoin bear and has consistently advocated for Gold over the flagship crypto.

At the time of writing, Bitcoin is trading at around $58,200, down in the last 24 hours, according to data from CoinMarketCap.

Bitcoin price chart from Tradingview.com — BTC price above $58,000 once more | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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