After the 2024 presidential election, Bitcoin experienced a significant rally, surpassing silver and nearing the $90,000 mark. This rally sparked investor interest and the opportunity for profitable short positions. However, betting against Bitcoin proved risky, as $222 million worth of Bitcoin shorts were liquidated in the last 24 hours. Despite this, there were comparatively few traders shorting Bitcoin during the price surge, with a peak in short positions occurring before the election. Recent data shows a shift, with long positions regaining dominance, indicating renewed optimism for Bitcoin's rally. However, Bitcoin recently experienced a correction after rejecting $90,000 and retraced to just above $85,000. It remains uncertain whether Bitcoin will continue its record-breaking run, trade sideways, or find a new direction. Despite the current volatility, long-term investors are not significantly affected, but traders seeking to time their positions may be harmed. As of November 12, Bitcoin is standing at $86,769, with a significant surge in the past 30 days and year-to-date.



Other News from Today