Bitcoin ‘short squeeze’ sends BTC price to $35.9K as OI stays elevated
BTC/USD traded at $35,300 at the time of writing on Nov. 8, with OI still beyond $15 billion, per information from on-chain monitoring resource CoinGlass.Bitcoin futures open interest chart (screenshot). Source: CoinGlassThis post does not include financial investment advice or suggestions. Every financial investment and trading relocation includes risk, and readers need to conduct their own research when making a choice.
Bitcoin (BTC) saw traditional BTC rate volatility into the Nov. 7 daily close as a “brief squeeze” took the market near $36,000. Source: TradingViewBitcoin hits “key” brief capture priceData from Cointelegraph Markets Pro and TradingView followed BTC/USD as it responded amid highly elevated open interest (OI) on exchanges.Previously, Cointelegraph reported on the more than $15 billion in OI being apt to stimulate a fresh round of volatility. $34,800 ~ crucial cost for a squeeze,” he informed X subscribers.Yup there was a considerable rise in OI overnight- it appears to be more of the same- shorts affecting into passive bids here at the regional lows.We have a huge increase in OI, perp takers net selling, funding reducing, and limitation quotes being filled. Theres been a clear long interest on Bybit while Binance has been more brief orientated during this range,” he summarized.An accompanying chart compared the 2 exchanges BTC/USDT continuous swap sets, showing Binance trading lower after the short capture.
” You can never say, Never in this video game, however based on the latest Trend Precognition signals, I d be very shocked to see BTC move above $36k before the Weekly candle light close,” part of a post-move X post read, referring to one of its exclusive trading indicators.BTC/ USDT order book information for Binance as of Nov. 7. Source: Material Indicators/XFellow trader Daan Crypto Trades meanwhile eyed what he described as “an interesting shift” in derivatives composition.Traders on biggest exchange Binance were placing themselves bearish compared to exchange Bybit, he noted, however a “long capture” was far from particular. Theres been a clear long interest on Bybit while Binance has been more brief orientated throughout this range,” he summarized.An accompanying chart compared the two exchanges BTC/USDT perpetual swap pairs, showing Binance trading lower after the short capture.
Bitcoin (BTC) saw classic BTC price volatility into the Nov. 7 daily close as a “short squeeze” took the marketplace near $36,000. BTC/USD 1-hour chart. Source: TradingViewBitcoin strikes “key” short capture priceData from Cointelegraph Markets Pro and TradingView followed BTC/USD as it reacted amid highly raised open interest (OI) on exchanges.Previously, Cointelegraph reported on the more than $15 billion in OI being apt to spark a fresh round of volatility. Some feared that BTC cost drawback would result, with the supreme instructions unknown.In completion, shorts felt the heat as Bitcoin made swift gains to top out at simply listed below $35,900. Analyzing the circumstance before the move, popular trader Skew and others predicted the occasion ahead of time. Skew argued that momentum would increase rapidly must $34,800 return– a sequence of occasions which then came to life.” Open interest still developing & & looking more like shorts have a higher float in the OI develop here. $34,800 ~ key price for a capture,” he told X subscribers.Yup there was a substantial rise in OI overnight- it appears to be more of the exact same- shorts affecting into passive bids here at the local lows.We have a big rise in OI, perp takers net selling, funding decreasing, and limit bids being filled. A recipe for a great squeeze up. https://t.co/IgwSR5dIo9 pic.twitter.com/F82fmNnw7F— CrediBULL Crypto (@CredibleCrypto) November 7, 2023