Bitcoin short positions have been ranging near their all-time highs during the past month, signaling that traders are giving up hope that Bitcoin will maintain its current price of over $7,200. On September 1st, a notable 10,000 BTC short position was opened, bringing Bitcoin short positions back near their all-time high as Bitcoin shows relative stability in the low $7,000s.
Bitcoin Shorts Reaching All-Time Highs Could Act as Bitcoin Contrarian Indicator
Bitcoin shorts first reached their highest year-to-date position on April 9th, while Bitcoin was trading at approximately $7,000. At this point, short positions reached a year-to-date high of just over 38,000 open positions, which had slowly been growing from early February. In the month following short positions reaching this new high, BTC price climbed from $7,100 on April 9th, to just under $10,000 on May 5th.
Read more here: https://www.newsbtc.com/2018/09/02/bitcoin-shorts-reach-all-time-highs-during-low-market-cycle-whats-next/
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I'm gonna guess short term drop in BTC followed by a nice bump up. The worst is behind us.