{"id":165042,"date":"2021-01-28T14:01:32","date_gmt":"2021-01-28T11:01:32","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/why-a-trader-says-bitcoin-is-short-term-bearish-despite-holding-30k\/"},"modified":"2021-01-28T14:01:32","modified_gmt":"2021-01-28T11:01:32","slug":"why-a-trader-says-bitcoin-is-short-term-bearish-despite-holding-30k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/why-a-trader-says-bitcoin-is-short-term-bearish-despite-holding-30k\/","title":{"rendered":"# Why a trader says Bitcoin is short-term bearish despite holding $30K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23a6a177eb6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23a6a177eb6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/why-a-trader-says-bitcoin-is-short-term-bearish-despite-holding-30k\/#%E2%80%9COptions_market_is_signaling_a_short-term_bearish_view%E2%80%9D\" >&#8220;Options market is signaling a short-term bearish view&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/why-a-trader-says-bitcoin-is-short-term-bearish-despite-holding-30k\/#Consider_the_high_miner_position_index\" >Consider the high miner position index<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Why a trader says Bitcoin is short-term bearish despite holding $30K  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>A pseudonymous trader known as \u201cByzantine <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a>\u201d is short-term bearish as Bitcoin (BTC) continues to test the same $30,000 support area.<\/p>\n<p>Although the price of Bitcoin is staying above a key support level, the trader said the price action is not bullish. He wrote:<\/p>\n<blockquote><p>\u201cIn the midst of all this chaos, here&#8217;s a bitcoin chart. Not much to do. It&#8217;s bearish no matter how you look at it. But we&#8217;re sitting on support, so no swing short opportunity either&#8230; It&#8217;s just waiting now. &gt; YO needs to hold.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9COptions_market_is_signaling_a_short-term_bearish_view%E2%80%9D\"><\/span>&#8220;Options market is signaling a short-term bearish view&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Analysts see a similar trend from the options market and previous Bitcoin fractals. Fractals are technical candle chart patterns that analysts typically use to compare the current price action of Bitcoin to previous cycles.<\/p>\n<p>According to analysts at the data analytics company Laevitas, the options market signals are short-term bearish view. They <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/laevitas1\/status\/1354696076339634182\">said<\/a>:<\/p>\n<blockquote><p>\u201cAs Bitcoin consolidation continues, put\/call ratio on @DeribitExchange is at 2 today. In last 24h, seeing decent buy volume on 26MAR 9000p, 13000p and 14000p. Options market is signaling a short-term bearish view.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/4b448859-6f77-4ddf-b06e-95c4dbb144f1.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin options traded instruments. Source: Laevitas<\/em><\/figcaption><\/figure>\n<p>The options market has a larger impact on the price trend of Bitcoin now than before because the open interest is now hovering above $3 billion.<\/p>\n<p>There are significantly more active options contracts and options traders compared to before. This means that if there is selling pressure coming from the options market, it would likely have a negative impact on the price of Bitcoin.<\/p>\n<p>Based on the fractal that analysts at \u201cMaterial Scientist\u201d found, both historical price cycles and the options market data hint at a short-term consolidation phase. The analysts noted:<\/p>\n<blockquote><p>\u201cNext fractal for #BTC &#8211; 10-day prediction: Low 30ks retest and then send it!\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/716c1c80-63ca-4d74-a828-cca579278dcb.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT fractal. Source: Material Indicators<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Consider_the_high_miner_position_index\"><\/span>Consider the high miner position index<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One of the possible reasons why the price of Bitcoin continues to range and stagnate could be the high selling pressure coming from miners.<\/p>\n<p>Data from CryptoQuant shows that the Miners\u2019 Position Index is relatively high, which means miners are depositing Bitcoin to exchanges.<\/p>\n<p>Since miners are one of the few external and unmatched sources of selling pressure in the Bitcoin market, a high Miners\u2019 Position Index usually precedes a sell-off.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/551098fa-2384-4825-ac2d-99d78cbfb917.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin Miners&#8217; Position Index. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>On Jan. 26, CryptoQuant CEO Ki Young Ju <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1354000251435147265\/photo\/1\">said<\/a>:<\/p>\n<blockquote><p>\u201cBTC Miners&#8217; Position Index hit the 8-year high. They&#8217;ve been moving an unusual amount of Bitcoins lately. It seems they&#8217;re continuously realizing profits since 42k. This is one of the reasons why I keep my bearish bias.\u201d<\/p><\/blockquote>\n<p>As long as the options market is leaning towards a bearish short-term trend and miners continue to sell BTC, the price of Bitcoin is unlikely to break out in the near term.<\/p>\n<p>However, the $34,000 resistance level remains the key area in the foreseeable future. If Bitcoin surges above it, there is a chance for a quick trend reversal to the upside.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/why-a-trader-says-bitcoin-is-short-term-bearish-despite-holding-30k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Why a trader says Bitcoin is short-term bearish despite holding $30K &#8221; A pseudonymous trader known as \u201cByzantine General\u201d is short-term bearish as Bitcoin (BTC) continues to test the same $30,000 support area. Although the price of Bitcoin is staying above a key support level, the trader said the price action is not bullish&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":165043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDEvYThiNjY1YTYtNjIwNi00ODJiLWFmODctNWEyNWUwZTgyNmEwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,81209,74937,73785],"class_list":["post-165042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-options","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/165042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=165042"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/165042\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/165043"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=165042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=165042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=165042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}