Sunday , May 16 2021

More than 20% of Bitcoin short positions are unexpectedly closed for Bitfinex

On Monday morning, April 8, more than 20% of short Bitcoin positions for a total of $ 34 million were suddenly closed at Bitfinex, and this development added uncertainty about further price movements of the first crypto currency.

Before that, almost 23,000 BTCs were in short positions on Bitfinex, however, for a short time, positions of the total value of 6500 BTC were eliminated. As a result, the number of shorts on the Hong Kong Stock Exchange is currently at its lowest level since March 2018 when there was still a relatively high optimism regarding the relative new wave of bitumen growth.

As a rule, events of this magnitude push Bitcoin up, but this time it did not happen, the price of crypto currencies not only remains below the level of resistance in the region of $ 5,350 but is also diminishing in the last few hours.

As suggested in the Coin Rivet publication, such development may suggest setting a hidden sales order. In this case, despite the elimination of such a significant amount of short positions, the price of Bitcoin remains tied to that hidden order.

At the same time, the number of long positions on Bitfinex increased from 23,800 to 26,000, which could mean that a large trader turns shorts into long. However, there are also assumptions about the following manipulations.

By 12:00 UTC, Bitcoin's Bitfinex price dropped to $ 5,170, although it reached $ 5,373 at the beginning of the day.

Earlier today, ForkLog reported that over-the-counter (OTC) platforms have increased the activity of Chinese investors who buy Tether USDT steylcoin at a price significantly higher than the nominal.

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