CandleFocus Is the ‘Uptober’ Bitcoin rally over? BTC traders turn bearish
2024-10-18
Author: Content Editor
Bitcoin has experienced a strong recovery in October, reaching levels between $65,000 and $67,000, sparking optimism for new all-time highs. However, data from Binance shows that a significant number of traders are shorting BTC, suggesting concern about its current rally. While Binance's market share has decreased, it remains a dominant exchange. The rise in short positions reflects uncertainty about Bitcoin's next move, despite the recent surge in institutional inflows and the positive trend overall. October has historically been a strong month for Bitcoin, and experts are optimistic about its performance. However, there is still the possibility of a sudden pullback, and recent transfers by Tesla have raised concerns about significant selling pressure. Despite this, Bitcoin's recent performance has been strong, with a 12.99% increase in the 30-day chart and a 59.55% increase year-to-date.
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