{"id":367742,"date":"2019-01-09T23:00:33","date_gmt":"2019-01-09T23:00:33","guid":{"rendered":"https:\/\/wncen.com\/?p=367742"},"modified":"2024-06-11T07:32:35","modified_gmt":"2024-06-11T07:32:35","slug":"bitcoin-trades-flat-as-short-positions-and-selling-volume-decline","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-trades-flat-as-short-positions-and-selling-volume-decline\/","title":{"rendered":"Bitcoin Trades Flat as Short Positions and Selling Volume Decline"},"content":{"rendered":"
Bitcoin bulls have been ardently defending the $4,000 price level over the past several days, although they have not gained enough upwards momentum to propel Bitcoin\u2019s price any higher. Despite not maintaining any significant upwards momentum, it is important to note that short positions for the cryptocurrency have been on the decline, which may mean that bears are losing steam.<\/p>\n
Bitcoin\u2019s recent lack of volatility has led the altcoin markets to trade relatively flat, with Tron being today\u2019s best performing altcoin.<\/p>\n
Analysts have offered differing views with regards to where Bitcoin\u2019s next level of resistance exists, but the general conclusion is that it will require significant buying pressure to climb above the $5,000 price level.<\/p>\n
Mati Greenspan, the senior market analyst at eToro, discussed<\/a>\u00a0this recently, noting that Bitcoin (BTC) is likely caught in a wide trading range between $3,000 and $5,000.<\/p>\n \u201cEven though $4,000 is a nice round number it doesn\u2019t necessarily represent any sort of significant psychological level. If we zoom out\u2026we can see that the overall range that we\u2019re in is from $3,000 to $5,000 per coin\u2026 So we\u2019re now at the halfway mark in the middle of the broader range,\u201d Greenspan noted.<\/p><\/blockquote>\n Although BTC\u2019s recent momentum appears to be stalling, Greenspan also explained in a recent market update that the amount of short positions against the crypto have been on the decline, which could mean that bears are losing confidence that the markets will continue their descent.<\/p>\n \u201cOne thing we wanted to highlight is a little graph here\u2026that shows the short selling volume on the bitfinex [sic] crypto exchange. The red line is Bitcoin’s price. The blue line is the level of short selling, which has dropped nearly 30% since its peak on January 1st,\u201d he said, referencing a chart that shows that short positions have declined by nearly 30% since the start of 2019.<\/p><\/blockquote>\n At the time of writing, Bitcoin is trading down marginally at its current price of $4,040, and it has been able to maintain its position above $4,000 for the past several days.<\/p>\n Ethereum is also trading down slightly at its current price of $150.93, and appears to have found some buying support in the high-$140 region.<\/p>\n Although\u00a0Ethereum<\/a>\u00a0is closely tracking Bitcoin\u2019s price action, The Crypto Dog, a popular cryptocurrency analyst on Twitter, explained in a recent tweet<\/a>\u00a0that he is currently \u201cbear biased\u201d on the cryptocurrency.<\/p>\n \u201cI am bear biased until I have a reason to be otherwise, but happy to be proven wrong,\u201d he said.<\/p><\/blockquote>\nBitcoin, Altcoins, Trade Mixed<\/strong><\/h2>\n