{"id":235616,"date":"2021-04-26T13:05:22","date_gmt":"2021-04-26T10:05:22","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-bulls-respond-with-a-150m-short-squeeze-above-53k-can-btc-go-higher\/"},"modified":"2021-04-26T13:05:22","modified_gmt":"2021-04-26T10:05:22","slug":"bitcoin-bulls-respond-with-a-150m-short-squeeze-above-53k-can-btc-go-higher","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-bulls-respond-with-a-150m-short-squeeze-above-53k-can-btc-go-higher\/","title":{"rendered":"# Bitcoin bulls respond with a $150M short squeeze above $53K  \u2014 Can BTC go higher?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 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-6a407b17ca299\" 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-6a407b17ca299\" 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\/bitcoin-bulls-respond-with-a-150m-short-squeeze-above-53k-can-btc-go-higher\/#Why_todays_Bitcoin_short_squeeze_is_bullish\" >Why today&#8217;s Bitcoin short squeeze is bullish<\/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\/bitcoin-bulls-respond-with-a-150m-short-squeeze-above-53k-can-btc-go-higher\/#Traders_believe_Bitcoin_could_aim_higher_in_short-term\" >Traders believe Bitcoin could aim higher in short-term<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin bulls respond with a $150M short squeeze above $53K  \u2014 Can BTC go higher? <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Roughly $150 million worth of shorts were liquidated within a span of hours as the price of Bitcoin (BTC) rose from around $47,000 to over $53,000 on April 26.<\/p>\n<p>The cryptocurrency market as a whole saw a strong short squeeze, as Ether (ETH), Binance Coin (BNB), and other major cryptocurrencies also rose by around 15% in the same period.<\/p>\n<p>Following Bitcoin&#8217;s 12% recovery within a single day, the futures market has completely reset, with funding rates hovering at neutral levels.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_todays_Bitcoin_short_squeeze_is_bullish\"><\/span>Why today&#8217;s Bitcoin short squeeze is bullish<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A short squeeze in trading refers to when short-sell orders in the futures market are liquidated in a short period.<\/p>\n<p>When shorts are liquidated, short-sellers are forced to buy back their positions, ironically causing the buyer demand in the market to increase.<\/p>\n<p>Hence, the number of shorts rapidly declines, and long contracts or buy orders begin to dominate the market.<\/p>\n<p>When the number of longs increases substantially, the funding rate of Bitcoin spikes. This h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens because the funding rate increases when there are more long orders in the market.<\/p>\n<p>If the funding rate is above 0%, buyers have to pay short-sellers a portion of their position every eight hours to sellers, and vice versa.<\/p>\n<p>In the case of Bitcoin in the last 24 hours, despite BTC&#8217;s strong rally, the funding rate has remained relatively low.<\/p>\n<p>In fact, according to Bybt.com, the funding rate across major exchanges for Bitcoin is below 0.01%, which is below the neutral rate<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/1c4b0ebc-d97d-428a-be59-bed938c04483.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin futures funding rate. Source: Bybt.com<\/em><\/figcaption><\/figure>\n<p>It means that there are still more shorts than longs in the Bitcoin futures market, which could catalyze more upside.<\/p>\n<p>This trend is bullish for Bitcoin because it comes after a mass liquidation of short contracts. Lex Moskovski, the CIO at Moskovski Capital, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mskvsk\/status\/1386572065961127939?s=20\">said<\/a>:<\/p>\n<blockquote><p>&#8220;~$150M of #Bitcoin shorts liquidated on this brief move up. Nothing smells better than roasted bears in the morning.&#8221;<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/9ee8fabb-4f60-4041-9d5d-101542c3ac5b.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin short liquidations. Source: Glassnode<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Traders_believe_Bitcoin_could_aim_higher_in_short-term\"><\/span>Traders believe Bitcoin could aim higher in short-term<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the near term, traders say that the $55,500 price level is an important one to reclaim for a chance at new all-time highs.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/5e6fc954-0e1d-4b61-80bd-0caee6551a32.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour price chart (Binance). Source: Tradingview, Johnny<\/em><\/figcaption><\/figure>\n<p>Johnny, a cryptocurrency derivatives trader, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoGodJohn\/status\/1386508581705445379\">said<\/a>:<\/p>\n<blockquote><p>&#8220;Swept the lows and now we have a very strong bounce. We are not out of the woods yet. Reclaim $55,500 and than we can talk about new ATH. For now, play it level by level. Strong reaction so far.&#8221;<\/p><\/blockquote>\n<p>Adnan van Dal, a former institutional trader, emphasized that if Bitcoin does not drop until the U.S. market opens, then the likelihood of a bigger rally increases.<\/p>\n<p>Dal <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AdnanVanDal1\/status\/1386517401202737160\">wrote<\/a>:<\/p>\n<blockquote><p>&#8220;If $BTC can make it to US open (EUR am Man shrugging) think cud be ok for a bit. Durable goods orders at open, actual data&#8217;s been good, SPX near ATH post useful Friday profit taking &amp; started firm. Think helps &#8211; coincident SPX \/ $BTC weakness a thing this year. TSLA wildcard later tho.&#8221;<\/p><\/blockquote>\n<p>As long as Bitcoin remains above $51,000 heading into the U.S. market open, and aims for a recovery above $55,000, the chance for an all-time high in the foreseeable future would remain strong.<\/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\/bitcoin-bulls-respond-with-a-150m-short-squeeze-above-53k-can-btc-go-higher\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin bulls respond with a $150M short squeeze above $53K \u2014 Can BTC go higher? &#8221; Roughly $150 million worth of shorts were liquidated within a span of hours as the price of Bitcoin (BTC) rose from around $47,000 to over $53,000 on April 26. The cryptocurrency market as a whole saw a strong&#8230;<\/p>\n","protected":false},"author":1,"featured_media":235617,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvMmNlMGUyMmItZjU1Yy00YTY0LTg5YzMtM2NmNTc4N2E2OGQxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74972,74937,73785],"class_list":["post-235616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-futures","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/235616","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=235616"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/235616\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/235617"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=235616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=235616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=235616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}