Cryptocurrency markets have been consolidating after a few volatile spikes and subsequent dumps over the last few weeks. Now a lot of crypto-traders are uncertain what will happen next, but quite a lot of people are showing pessimism by betting against cryptocurrencies like BTC with short positions. At the moment, BTC/USD short positions on Bitfinex are slowly approaching the all-time high that took place this past April.
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BTC/USD Shorts Stack Up
Last April, BTC/USD short positions on Bitfinex reached a high of over 40,000 and now market shorts are climbing awfully close to that all-time high this August. At press time, there are 39,039 shorts on Bitfinex which means one of two things will happen — Either the price will drop downwards following suit with the bear’s predictions, or the bulls are playing a trick and the price will spike upwards very quickly in a very fast short-squeeze. People who are shorting BTC/USD believe and are betting the price will go down in the near future.
BTC/USD shorts on Bitfinex are awfully close to April’s all-time high.
Long positions on Bitfinex are less than shorts at the moment, but not too much lower as there are 25,895 longs today on August 21. Traders playing long positions hope the BTC/USD price will replicate the action that took place last April when the price spiked fast and many got squeezed.
Traders are betting long this week as well with 25,895 longs today on August 21.
Waning Spot Volumes and a Lot of Money in Tether
There are two things that are also weighing heavily on traders: the lack of trade volume these days, and the amount of money
