Photo: Coin Telegraph
(Coin Telegraph) - Over the last 48 hours, Bitcoin's price climbed from $31,000 to $34,800 before reversing course and dropping the majority of these gains.
While this $3,800 shift to the downside might not seem significant, the 12% oscillation liquidated $660 million worth of futures contracts.
While it’s unlikely that there will ever be a definitive answer behind the move, on Jan 25, President Joe Biden voiced his willingness to lower the $1.9 trillion stimulus package.
This might have reduced incentives for those buying Bitcoin as an inflation protection or a hedge against U.S. dollar devaluation versus leading global currencies.
BTC/USD four-hour chart. Source: TradingView
Shorter-term charts might not reflect Bitcoin’s bullishness, but several derivatives indicators and the top traders' flow leaves no room for expecting sub-$30,000 prices.
Bitcoin has been testing the $30,800 support, but bulls have shown aggressive buying activity below that level.
Top traders bought the dip
There’s not really a concrete way to gauge a trader's net position effectively, as they could be holding coins in a cold wallet or using multiple exchanges simultaneously.
Furthermore, when combining options with futures contracts, it becomes virtually impossible to interpret an investors' position by solely looking at spot and futures exposure.
Since Jan 22, top Binance traders held a steady and balanced position, but they started to add longs in the early hours of Jan 25. This trend continued on Jan 26, and the indicator currently favors longs by 13%.
Currently, the top Binance traders' long-to-short ratio remains below its 1.20 monthly average.
Read more from the original article here.
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