{"id":642461,"date":"2024-09-17T11:00:59","date_gmt":"2024-09-17T11:00:59","guid":{"rendered":"https:\/\/wncen.com\/?p=642461"},"modified":"2024-09-17T05:20:08","modified_gmt":"2024-09-17T05:20:08","slug":"binance-traders-short-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/binance-traders-short-bitcoin\/","title":{"rendered":"Binance Top Traders Go Short On Bitcoin At $60,000, What\u2019s Going On?"},"content":{"rendered":"

Crypto analyst Ali Martinez<\/span><\/a> has revealed the bearish sentiment among Binance’s top traders towards Bitcoin. This development suggests that the flagship crypto might soon experience <\/span>significant downward pressure<\/span><\/a>.\u00a0<\/span><\/p>\n

Binance Top Traders Are Shorting BTC<\/h2>\n

Martinez revealed in an X (formerly Twitter) <\/span>post<\/span><\/a> that 51.41% of the top traders on <\/span>Binance<\/span><\/a> are shorting Bitcoin. This indicates that these traders expect the flagship crypto to experience a price decline despite its <\/span>recent recovery above $60,000<\/span><\/a>. Indeed, BTC started this week with a price correction, dropping to $58,000.\u00a0<\/span><\/p>\n

Related Reading: Glassnode Founders Say Bitcoin Crash To $37,000 Wouldn\u2019t Be A Bad Thing, Here\u2019s Why<\/a><\/div>\n
\"Bitcoin
Source: X<\/figcaption><\/figure>\n

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, <\/span>Martinez<\/span><\/a> 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\u2019t shifted yet.\u00a0<\/span><\/p>\n

\"BTC
Source: X<\/figcaption><\/figure>\n

With Bitcoin still in a downtrend, the crypto risks suffering further declines. Martinez highlighted the <\/span>$58,100 price level<\/span><\/a> 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.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

Meanwhile, crypto analyst Jelle <\/span>recently highlighted<\/span><\/a> $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 <\/span>imminent rate cuts<\/span><\/a> and the US presidential elections. Bitcoin bulls look to be waiting to see how the market reacts to the Fed\u2019s interest rate decision that will be announced on September 18.\u00a0<\/span><\/p>\n

It is also worth mentioning that September is historically a bearish month for Bitcoin. This isn\u2019t expected to be different as investors look to October as the month they will return to the market.\u00a0\u00a0<\/span><\/p>\n

Bitcoin Could Still Drop To As Low As $15,000<\/h2>\n

Renowned economist Peter Schiff<\/span><\/a> 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\u2019s 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 <\/span>at about $42,000<\/span><\/a>, but he doubts it will hold that support line.\u00a0<\/span><\/p>\n

Related Reading: Dogecoin At $0.1 Is A \u2018Gift\u2019, Falling Wedge Breaking Bullish To Send Price To $0.2<\/a><\/div>\n
\"BTC
Source: X<\/figcaption><\/figure>\n

As such, he predicts that Bitcoin will retest the longer-term support <\/span>between $15,000 and $20,000<\/span><\/a>. While it remains to be seen whether that happens, Schiff is known to be a Bitcoin bear and has <\/span>consistently advocated<\/span><\/a> for Gold over the flagship crypto.\u00a0<\/span><\/p>\n

At the time of writing, Bitcoin is trading at around $58,200, down in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price above $58,000 once more | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

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.\u00a0 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.\u00a0 Related Reading: Glassnode Founders Say Bitcoin Crash To $37,000 Wouldn\u2019t Be A Bad Thing, Here\u2019s Why 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\u2019t shifted yet.\u00a0 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.\u00a0 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\u2019s interest rate decision that will be announced on September 18.\u00a0 It is also worth mentioning that September is historically a bearish month for Bitcoin. This isn\u2019t expected to be different as investors look to October as the month they will return to the market.\u00a0\u00a0 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\u2019s 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.\u00a0 Related Reading: Dogecoin At $0.1 Is A \u2018Gift\u2019, Falling Wedge Breaking Bullish To Send Price To $0.2 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.\u00a0 At the time of writing, Bitcoin is trading at around $58,200, down in the last 24 hours, according to data from CoinMarketCap.\u00a0\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":642468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-642461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nBinance Top Traders Go Short On Bitcoin At $60,000, What\u2019s Going On?<\/title>\n<meta name=\"description\" content=\"Crypto analyst Ali Martinez has revealed the bearish sentiment among Binance's top traders towards Bitcoin.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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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\u2019s 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\u2019s 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. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Binance Top Traders Go Short On Bitcoin At $60,000, What\u2019s Going On?","url":"http:\/\/wncen.com\/news\/bitcoin\/binance-traders-short-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/binance-traders-short-bitcoin\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Bitcoin_c78acf.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Bitcoin_c78acf.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-09-17T11:00:59Z","datePublished":"2024-09-17T11:00:59Z","dateModified":"2024-09-17T11:00:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Binance Top Traders Go Short On Bitcoin At $60,000, What\\u2019s Going On?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/binance-traders-short-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/binance-traders-short-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin_c78acf.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin_c78acf.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-09-17T11:00:59Z\",\"datePublished\":\"2024-09-17T11:00:59Z\",\"dateModified\":\"2024-09-17T11:00:59Z\"}<\/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\/2024\/09\/Bitcoin_c78acf.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/642461"}],"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\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=642461"}],"version-history":[{"count":1,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/642461\/revisions"}],"predecessor-version":[{"id":642469,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/642461\/revisions\/642469"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/642468"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=642461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=642461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=642461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}