{"id":501172,"date":"2022-09-05T20:17:00","date_gmt":"2022-09-05T20:17:00","guid":{"rendered":"https:\/\/wncen.com\/?p=501172"},"modified":"2024-06-11T08:11:26","modified_gmt":"2024-06-11T08:11:26","slug":"500-million-in-bitcoin-shorts-pile-in-as-btc-price-sits-below-20000-will-they-get-squeeze","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/500-million-in-bitcoin-shorts-pile-in-as-btc-price-sits-below-20000-will-they-get-squeeze\/","title":{"rendered":"$500 Million In Bitcoin Shorts Pile In As BTC Price Sits Below $20,000, Will They Get Squeeze?"},"content":{"rendered":"

Bitcoin has experienced a trading session with low volatility as the cryptocurrency moves in a tight range. The cryptocurrency is flirting with a critical support zone at around $19,500 which has been able to hold despite last week\u2019s spike in selling pressure.<\/p>\n

Related Reading: Old Bitcoin Supply Moves Into Derivatives, Whales Setting Up Long Positions?<\/a><\/strong><\/div>\n

At the time of writing, the price of Bitcoin (BTC) trades at $19,700 with sideways movement during the last 24 hours and the past week. As the price of Bitcoin stalls, crypto investors seem to be shifting their attention to other cryptocurrencies or waiting to see if these levels will hold.<\/p>\n

\"Bitcoin
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Some traders are more daring, expecting Bitcoin to re-test critical support at its multi-year low of around $18,000. As a consequence, the BTC\/USDT trading pair saw an uptick in the amount of Open Interest (OI).<\/p>\n

As a pseudonym trader noted<\/a>, the increase in Open Interest for the past week totals almost half a billion dollars or 24,000 BTC. These short positions have been \u201caggressively\u201d piling in as BTC\u2019s price sits on a massive wall of bid orders.<\/p>\n

There are over $50 million in buy orders sitting immediately below BTC\u2019s price current levels. The price of the number one cryptocurrency has also been bouncing back from $19,500 over the past month\u2019s downside price action.<\/p>\n

Therefore, the odds seem to be stacked against this $500 million in short positions, and as Bitcoin consolidates, with liquidity moving upwards, the chance of a short squeeze goes higher. A short squeeze is often triggered by the current BTC conditions: a lot of shorts piling on support levels that lead to a cascade of liquidations if the price trends higher.<\/p>\n

This is rocket fuel for any potential upside as liquidations support the bullish momentum and take Bitcoin higher. The pseudonym trader said:<\/p>\n

This could work out for the shorts but if spot starts bidding up the price they will eventually have to cover their positions. If spot does support the move down then they will of course sit comfortable and are in no need to close their positions. They are vulnerable though.<\/p><\/blockquote>\n

What Could Get In The Way Of A Bitcoin Short Squeeze?<\/h2>\n

Crypto has seen low volatility due to the extended holiday in the United States. Tomorrow, as traditional markets re-open, the price of the first cryptocurrency might see more action.<\/p>\n

A green open for major stock indexes, such as the S&P 500 and the Nasdaq 100, might push BTC\u2019s price higher. The opposite might lead to a re-test of downside liquidity.<\/p>\n

Related Reading: Meitu Loses More Than $43M In Crypto Investments Amid Bear Market<\/a><\/strong><\/div>\n

In addition, the U.S. dollar, as measured by the DXY Index, recently broke out of a multi-decade resistance, and its reclaiming levels last tested in 2003. The currency might re-test lower levels to confirm to invalidate this breakout. Thus, giving some room for the crypto market to rally.<\/p>\n

\"Bitcoin
DXY Index (U.S. Dollar) breaks above multi-year resistance on the weekly chart. Source: Tradingview<\/strong><\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has experienced a trading session with low volatility as the cryptocurrency moves in a tight range. The cryptocurrency is flirting with a critical support zone at around $19,500 which has been able to hold despite last week\u2019s spike in selling pressure. Related Reading: Old Bitcoin Supply Moves Into Derivatives, Whales Setting Up Long Positions? At the time of writing, the price of Bitcoin (BTC) trades at $19,700 with sideways movement during the last 24 hours and the past week. As the price of Bitcoin stalls, crypto investors seem to be shifting their attention to other cryptocurrencies or waiting to see if these levels will hold. Some traders are more daring, expecting Bitcoin to re-test critical support at its multi-year low of around $18,000. As a consequence, the BTC\/USDT trading pair saw an uptick in the amount of Open Interest (OI). As a pseudonym trader noted, the increase in Open Interest for the past week totals almost half a billion dollars or 24,000 BTC. These short positions have been \u201caggressively\u201d piling in as BTC\u2019s price sits on a massive wall of bid orders. There are over $50 million in buy orders sitting immediately below BTC\u2019s price current levels. The price of the number one cryptocurrency has also been bouncing back from $19,500 over the past month\u2019s downside price action. Therefore, the odds seem to be stacked against this $500 million in short positions, and as Bitcoin consolidates, with liquidity moving upwards, the chance of a short squeeze goes higher. A short squeeze is often triggered by the current BTC conditions: a lot of shorts piling on support levels that lead to a cascade of liquidations if the price trends higher. This is rocket fuel for any potential upside as liquidations support the bullish momentum and take Bitcoin higher. The pseudonym trader said: This could work out for the shorts but if spot starts bidding up the price they will eventually have to cover their positions. If spot does support the move down then they will of course sit comfortable and are in no need to close their positions. They are vulnerable though. What Could Get In The Way Of A Bitcoin Short Squeeze? Crypto has seen low volatility due to the extended holiday in the United States. Tomorrow, as traditional markets re-open, the price of the first cryptocurrency might see more action. A green open for major stock indexes, such as the S&P 500 and the Nasdaq 100, might push BTC\u2019s price higher. The opposite might lead to a re-test of downside liquidity. Related Reading: Meitu Loses More Than $43M In Crypto Investments Amid Bear Market In addition, the U.S. dollar, as measured by the DXY Index, recently broke out of a multi-decade resistance, and its reclaiming levels last tested in 2003. The currency might re-test lower levels to confirm to invalidate this breakout. Thus, giving some room for the crypto market to rally.<\/p>\n","protected":false},"author":535,"featured_media":500902,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-501172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n$500 Million In Bitcoin Shorts Pile In As BTC Price Below $20K<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) has experienced a trading session with low volatility as the cryptocurrency moves in a tight range.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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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\u2019s \u2018Neuromancer.\u2019 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\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s 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. 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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\u2019s \u2018Neuromancer.\u2019 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\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s 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.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"$500 Million In Bitcoin Shorts Pile In As BTC Price Sits Below $20,000, Will They Get Squeeze?","url":"http:\/\/wncen.com\/news\/500-million-in-bitcoin-shorts-pile-in-as-btc-price-sits-below-20000-will-they-get-squeeze\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/500-million-in-bitcoin-shorts-pile-in-as-btc-price-sits-below-20000-will-they-get-squeeze\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/bitcoin-scaled.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/bitcoin-scaled.jpeg?fit=2560%2C1659"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2022-09-05T20:17:00Z","datePublished":"2022-09-05T20:17:00Z","dateModified":"2024-06-11T08:11:26Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"$500 Million In Bitcoin Shorts Pile In As BTC Price Sits Below $20,000, Will They Get Squeeze?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/500-million-in-bitcoin-shorts-pile-in-as-btc-price-sits-below-20000-will-they-get-squeeze\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/500-million-in-bitcoin-shorts-pile-in-as-btc-price-sits-below-20000-will-they-get-squeeze\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/bitcoin-scaled.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/bitcoin-scaled.jpeg?fit=2560%2C1659\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2022-09-05T20:17:00Z\",\"datePublished\":\"2022-09-05T20:17:00Z\",\"dateModified\":\"2024-06-11T08:11:26Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/bitcoin-scaled.jpeg?fit=2560%2C1659","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/501172"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=501172"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/501172\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/500902"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=501172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=501172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=501172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}