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While Bitcoin (BTC) remained associated with a commercial range between 100,000 and USD 110,000 for about a month-short, as well as long positions in this area, and low positions grow at a faster pace.
Bitcoin long positions a bit before
After reaching the up-to-date all time (ATH) in the amount of USD 111,814 last month, BTC consolidated in the range of 100,000–110 000 USD for almost a month, offering low brightness on the next directional movement.
According to the up-to-date quick post of cryptochants by a collaborator Borisvest, fresh data from Binance Crypto Exchange suggest that long positions currently have a slight advantage in this area.
Historical data reveal the pattern – when low positions grow, low clamps follow. Similarly, gathering in long positions often led to long clamps. The decisive breakthrough from any end of the current range will probably determine another essential Bitcoin movement.
To say, the binance data indicate that although long positions are slightly overtaken, the ratio of long to shorts remains relatively balanced. The financing indicator floating near neutral levels supports this view, reflecting strictly disputed disputes between bulls and bears.
However, this balance usually signals uncertainty on the market. While long interest has stabilized, low positions are still growing – probably driven by the expectations of a further defect in connection with the escalation of geopolitical tensions in the Middle East. Borisvest noticed:
This shows that most market participants believe that the rally may not be continued. When the price of Bitcoin begins to fall and the financing rates become negative, it means that the shorts built quickly. All this indicates that this range is a very sensitive zone.
In addition, he noticed that when most traders bend towards low positions, the configuration can be mature to unexpected traffic in the opposite direction – probably driven by peaceful accumulation of larger market participants.
Is BTC preparing for a lot of traffic?
Despite the BTC trade in the range of 100,000 – USD 110,000 for most of the previous month, several analysts assume that the flagship cryptocurrency is preparing for earnest movement In the coming weeks.
Most analysts bend towards the transition. For example, cryptographic trader Josh Olszewic he noticed That if smoothness continues, BTC can look at traffic in the direction of USD 150,000.
From a technical point of view, the perspective is encouraging. Cryptographic analyst Mister Crypto recently returned that BTC is creation The pattern is a stubborn reverse head and shoulders on a 3-day chart.
However, the latest data in the chain shows that the value of the Bitcoin network for transactions (NVT) recently Golden Cross moved in the road zone, justifying caution. In the BTC press it trades at USD 105,940, which is an escalate of 1.1% in the last 24 hours.
Recommended photo from Unsplash, charts from Cryptoquant and Tradingview.com
