Bitcoin (BTC) surprised the entire crypto community with a sudden 20% increase today in less than 5 minutes. Until now, no one knows what triggered this spike. We don't know if it was a big whale that placed a big order for a big prey or a shark that settled some short positions that led to the sudden rise. At present, the number of shorter shorts has also seen a large drop also around 20%, but those who have followed BTCUSDShorts while BTC / USD spiked by the fact that the number of shorter shorts decreased after the increase in the price of Bitcoin (BTC). This means that the tip should hardly do much when shorts are liquidated. Although the price first began to rise, it settled some shorts along the way and frightened some bears to close their positions.
Since no one knows for sure what caused this spike, it is not much use to dig into this. What is useful to dig in further is the intention behind this increase. If the sudden 20% increase in the price of Bitcoin (BTC) was not intended to settle marginalized shorts, what was the intention behind it? Well, for several weeks now, the majority of the crypto community has expected an end to the bear market. As we know, the majority are always wrong, but it helps a lot when the majority is the same side. This movement has once again brought the majority on the same side, which definitely helps the bears in the long run, as it allows them to trade in several bulls as long as Bitcoin (BTC) remains far away from its true bottom. Those in the crypto community celebrating this move must be careful as the same thing happens just before the big drop pushing it under $ 6,000.
The net result of all developments in recent weeks has been a strong blow to the bearish solution. The number of shorter shorts has now fallen more than 15% and is expected to decline further. The daily chart for BTCUSDShorts shows the number of marginalized shorts left with strong support. In the following days we will see a trend reversed in BTCUSDShorts, as it has been a long time ago. It is important to note that BTCUSDShorts are even more oversold in the weekly timeframe. Retail bears can give up now, but the professionals face the possibilities of life. This is one of the best times in history to be short on Bitcoin (BTC).
The market for cryptocurrency is still banned in the weekly timeframe. The stock market is in an alarming state and poses a major threat to emerging markets whose stocks are falling in the coming weeks. Everything points to the same conclusion, and that is whether Bitcoin (BTC) is bound or not, it is due to a large drop in the near future. There are some daring calls for a drop below $ 2,000 or a bottom close to $ 1,000, but the thing is that we are not done here. The price is due to significant additional drawbacks and investors need to know that the price can fall in the same way as it climbed today. The fall would, however, have better odds of being sustainable.