{"id":479175,"date":"2022-07-29T21:10:00","date_gmt":"2022-07-29T18:10:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-struggles-to-flip-24k-to-support-but-data-shows-pro-traders-stacking-sats\/"},"modified":"2022-07-29T21:10:00","modified_gmt":"2022-07-29T18:10:00","slug":"bitcoin-struggles-to-flip-24k-to-support-but-data-shows-pro-traders-stacking-sats","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-struggles-to-flip-24k-to-support-but-data-shows-pro-traders-stacking-sats\/","title":{"rendered":"# Bitcoin struggles to flip $24K to support, but data shows pro traders stacking sats"},"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-6a3080472ccbe\" 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-6a3080472ccbe\" 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-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-struggles-to-flip-24k-to-support-but-data-shows-pro-traders-stacking-sats\/#%E2%80%9D_Bitcoin_struggles_to_flip_24K_to_support_but_data_shows_pro_traders_stacking_sats_%E2%80%9C\" >&#8221; Bitcoin struggles to flip $24K to support, but data shows pro traders stacking sats &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-struggles-to-flip-24k-to-support-but-data-shows-pro-traders-stacking-sats\/#Top_traders_have_increased_their_bullish_bets\" >Top traders have increased their bullish bets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-struggles-to-flip-24k-to-support-but-data-shows-pro-traders-stacking-sats\/#Margin_traders_are_unwilling_to_place_bearish_bets\" >Margin traders are unwilling to place bearish bets<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_struggles_to_flip_24K_to_support_but_data_shows_pro_traders_stacking_sats_%E2%80%9C\"><\/span>&#8221; Bitcoin struggles to flip $24K to support, but data shows pro traders stacking sats &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-28d77a7a>Bitcoin (BTC) rallied on the back of the United States Federal Reserve&#8217;s decision to hike interest rates on July 27. Investors interpreted Federal Reserve chairman Jeremy Powell\u2019s statement as more dovish than the previous FOMC committee meeting, suggesting that the worst moment of tight economic policies is behind us.<\/p>\n<p>Another positive <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> for risk assets came from the U.S. personal consumption expenditures price (PCE) index, which rose 6.8% in June. The move was the biggest since January 1982, reducing incentives for fixed income investments. The Federal Reserve focuses on the PCE due to its broader measure of inflation pressures, measuring the price changes of goods and services consumed by the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> public.<\/p>\n<p>Additional positive news came from Amazon after the e-commerce giant reported that its quarterly financial results <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/finance.yahoo.com\/news\/amazon-apple-earnings-intel-takes-220610403.html\">beat<\/a> the $119.5 billion estimated revenue by 1.4%. Moreover, <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>le released its 2Q results on the same day, matching analyst revenue estimates, while presenting earnings 3.4% above the market consensus.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Top_traders_have_increased_their_bullish_bets\"><\/span>Top traders have increased their bullish bets<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Exchange-provided data highlights traders\u2019 long-to-short net positioning. By analyzing every client\u2019s position on the spot, perpetual and futures contracts, one can better understand whether professional traders are leaning bullish or bearish.<\/p>\n<p>There are occasional discrepancies in the methodologies between different exchanges, so viewers should monitor changes instead of absolute figures.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/e0ff8617-7c2c-4a1d-abf0-1bfae4659444.png\"><figcaption style=\"text-align: center;\"><em>Exchanges top traders Bitcoin long-to-short ratio. Source: Coinglass<\/em><\/figcaption><\/figure>\n<p>Despite Bitcoin\u2019s 14% correction from July 20 to July 26, top traders on Binance, Huobi and OKEx have increased their leverage longs. To be more precise, Binance was the only exchange facing a modest reduction in the top traders\u2019 long-to-short ratio, moving from 1.22 to 1.20.<\/p>\n<p>However, this impact was more than compensated by OKEx traders increasing their bullish bets from 0.66 to 1.17 in six days. The absence of panic selling after Bitcoin failed to break the $24,000 support on July 20 should be interpreted as bullish. <\/p>\n<p>Had buyers been using excessive leverage or distrustful of a potential upside, the price movement would have caused much grea damage to the long-to-short ratio.<\/p>\n<p><strong>Related: <\/strong><strong><em>3 Bitcoin trading behaviors hint that BTC\u2019s rebound to $24K is a \u2018fakeout\u2019<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Margin_traders_are_unwilling_to_place_bearish_bets\"><\/span>Margin traders are unwilling to place bearish bets<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Margin trading allows investors to borrow cryptocurrency to leverage their trading position, therefore increasing the returns. For example, one can buy Bitcoin by borrowing Tether (USDT), thus increasing their crypto exposure. On the other hand, borrowing Bitcoin can only be used to short it\u2014betting on the price decrease.<\/p>\n<p>Unlike futures contracts, the balance between margin longs and shorts isn\u2019t necessarily matched. When the margin lending ratio is high, it indicates that the market is bullish\u2014the opposite, a low lending ratio, signals that the market is bearish.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/01d4f233-4701-4fe7-a202-08595a77130c.png\"><figcaption style=\"text-align: center;\"><em>OKX USDT\/BTC margin lending ratio. Source: OKEx<\/em><\/figcaption><\/figure>\n<p>The chart above shows that investors\u2019 morale bottomed on July 21 as the ratio reached its lowest level in four months at 8.6. From that point onward, OKX traders presented less demand to borrow Bitcoin, exclusively used to bet on the price downtrend. The ratio currently stands at 13.8, which leans bullish in absolute terms as it favors stablecoin borrowing by a wide margin.<\/p>\n<p>Derivatives data shows no stress from pro traders even as Bitcoin traded below $21,000 on July 26. Unlike retail traders, these experienced whales know when to hold on to their conviction and this attitude was clearly reflected in the healthy derivatives data. The data suggests that traders who expect a strong market correction if Bitcoin fails to break the $24,000 resistance will be disappointed. <\/p>\n<p><em>The views and opinions expressed here are solely those of the <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/noshitcoins\"><em>author<\/em><\/a><em> and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.<\/em><\/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 News 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-struggles-to-flip-24k-to-support-but-data-shows-pro-traders-stacking-sats\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin struggles to flip $24K to support, but data shows pro traders stacking sats &#8220; Bitcoin (BTC) rallied on the back of the United States Federal Reserve&#8217;s decision to hike interest rates on July 27. Investors interpreted Federal Reserve chairman Jeremy Powell\u2019s statement as more dovish than the previous FOMC committee meeting, suggesting that&#8230;<\/p>\n","protected":false},"author":1,"featured_media":479176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvM2NhODAwMjYtMTRiNC00MGI0LWE3Y2UtM2FjODg3YmY4NmJkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74972,74937,74863,74860,75012,74939,2758,5029,70550,70551,3123,73785],"class_list":["post-479175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-futures","tag-bitcoin-price","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-derivatives","tag-market-analysis","tag-amazon","tag-apple","tag-federal-reserve","tag-inflation","tag-leverage","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/479175","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=479175"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/479175\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/479176"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=479175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=479175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=479175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}