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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Get Ready For A Bitcoin Short Squeeze? Long Traders Pile Up As BTC Struggles

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
bitcoin falls

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Bitcoin has been hinting at lower levels during today’s trading session. The benchmark crypto was rejected at around $48,000 and has been unable to reclaim its previous highs.

Related Reading | Galaxy Digital’s Jason Urban What Will Drive Ethereum To Flip Bitcoin

At the time of writing, Bitcoin trades at $43,100 with a 1% and 5% loss in the last 24 hours and 7 days, respectively.

Bitcoin BTC BTCUSD
BTC hints at more losses on the 4-hour chart. Source: BTCUSD Tradingview

Data from Material Indicators records little support for BTC’s price as it moves in a tight range between $42,500 and $43,500. The benchmark crypto has been losing bid orders that could absorb future downside price action.

As the chart below shows, BTC had around $10 million in bids orders that were pulled as the crypto trended to the downside. This liquidity seems to have been distributed between $42,000, $41,500, and $41,000 which could stand as the last line of defense against a fresh assault from the bears.

Bitcoin BTC BTCUSD 2
BTC’s price losses support at around $42,000. Source: Material Indicators

The chart also shows how an entity places strategic asks orders when BTC’s price attempted to reclaim its previous levels. This happened as investors with asks orders of around $100,000 push BTC’s price back down to the low $40,000.

The biggest sellers of this current price action seem to be retail investors and investors with asks orders of around $10,000 (yellow and red in the chart below). Only investors with bid orders of around $1,000 (green in the chart) seem to have been showing interest in buying into BTC’s price.

Bitcoin BTC BTCUSD MI 1
Large sellers (purple) attempts to push BTC’s price down. Source: Material Indicators

The above suggest a potential large entity trying to push BTC’s price down to accumulate BTC at optimal levels. The distribution of liquidity first concentrated at $42,000 and then distributed between those levels and $40,000 seems to support this thesis.

BTC whales often employ this method to trap retail and obtain liquidity to take their positions. Small investors seem to have taken in the bait.

Bitcoin Whales Play Mind Games

Analyst Ali Martinez showed an increased in the number of long positions taken on crypto Binance exchange. The Long/Short Ratio stands at 70% for Long traders and 29% for the opposite side of the trade.

Related Reading | More Correction Soon? Bitcoin Whale Ratio Remains Elevated

The analyst commented the following on the potential implications for BTC’s price:

Bitcoin could be preparing for a liquidation cascade! 70.69% of all trading accounts on Binance Futures are currently net-long on $BTC, which may result in a long-squeeze. BTC could go down to $42,000-$41,000 to collect liquidity.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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