Forex and Crypto News

More than 20% of Bitcoin shorts were closed on Bitfinex

13:10 08 April /2019

On April 8, over 20% of Bitcoin shorts for a total of about $34 million were suddenly closed on Bitfinex. And this added uncertainty about the further price movement of Bitcoin.

Before that, almost 23,000 BTC were involved in short positions on Bitfinex, however, for a short period of time, orders totaling 6500 BTC were closed. As a result, the number of shorts is currently at its lowest level since March 2018 on the Hong Kong Stock Exchange.

btcusd-shorts.jpg

Usually, such events push Bitcoin up, but this time it didn’t happen and the price of cryptocurrency remains below the resistance level of $5350 but also goes down in the last few hours.

The Coin Rivet suggests that such a development may indicate the placement of a hidden sell order. In this case, despite the elimination of such a significant amount of short orders, the price of Bitcoin remains pegged to this hidden order.

At the same time, the number of longs has increased from 23,800 to 26,000, and this may indicate that traders are converting shorts to long. However, there are also assumptions about the next manipulations.

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