Bitcoin traders are mostly taking short positions, but key levels and bullish liquidity suggest a potential rally toward $86,600.
price action has been the topic of the week, and recent data from Binance and IntoTheBlock has sparked fresh speculation on the king crypto’s next move.
With a significant portion of the market participants going short and a surge in active addresses, there is a lot to unpack.According to the Coinglass data, 58.23% of all accounts in Binance with open Bitcoin positions are going short.However, on the other side, such short positioning can also create sudden price jumps when Bitcoin does move against the crowd and forces those traders to cover their positions.According to IntoTheBlock, Bitcoin’s active addresses surged by 19% to 764.
Despite the majority of traders holding short positions,the rise in active addresses and liquidity indicators tells another story. Bitcoin is on the verge of breaking above $67,400 price level for a possible surge in price action towards $86,600.Kelvin Murithi is a freelancer cryptocurrency price analyst working with AMBCrypto. He has significant experience in financial markets and digital assets. He also has a background in market analysis, investment strategies, and economic forecasting.Subscribe to get it daily in your inbox.
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