CandleFocus Bitcoin (BTC) Futures Volume Surges to $82 Billion Amid Rising Short Positions
2024-12-17
Author: Content Editor
Bitcoin (BTC) futures volume dropped from over $90 billion to $26.39 billion between December 10 and 14, but then increased to a seven-day high of $82.84 billion as BTC's price hit a new all-time high. While some view this as a bullish sign, Bitcoin traders appear to be skeptical of the cryptocurrency surpassing $107,000 anytime soon. Data shows that short positions account for 63.48% of total open interest, while long positions make up just 36.52%, indicating that most traders are preparing for a short-term correction in Bitcoin's price. Technical indicators such as the Bollinger Bands and the Relative Strength Index suggest that Bitcoin's price is overbought and may experience a retracement, potentially dropping to $91,240 or climbing to $116,000 depending on buying pressure.
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