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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Data Shows: Traders Unconvinced Of Crypto Bounces, Will Shorts See Pain?

Reynaldo Marquez
Reynaldo Marquez
2 years ago
3 mins read
Bitcoin Crypto

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After briefly re-testing higher levels, Bitcoin and the crypto market retraced and gave back the gains obtained over yesterday’s trading session. The general sentiment in the market has been negative, with a large majority of participants expecting further losses.

Related Reading: WATCH: Bitcoin Versus DXY And The Dangerous TD9 Setup | Daily TA August 30, 2022

At the time of writing, the price of Bitcoin trades at $19,600 with 3% and 8% in losses over the past 24 hours and 7 days, respectively. The first crypto by market cap is one of the worst performers in the market, only surpassed by Dogecoin and Ethereum with a 4% and 3.7% loss over the last day.

Crypto
Source: Crypto total market Tradingview

On the daily chart, the total crypto market cap was consolidating between $800 billion and $1.2 trillion coming in from a massive crash during April and June. The sector was trending upwards and finding support on a trendline that was pierced over the past week.

Thus, the sector might be unable to sustain its current levels as the daily chart hints at further losses and a potential re-test of its June lows somewhere around $800 billion.

Data from research firm Santiment highlights an important spike in short positions as digital assets trend lower. As seen in the chart below, traders have been shorting the price of Bitcoin as the price consolidates.

This has led to sudden spikes in funding rates taking them into the positive-negative territory, meaning traders are expecting bearish price action. The chart spells trouble for this market participant.

In August, whenever traders positioned themselves for more gains or losses, the market tends to trend in the opposite direction. Last week, shorts were hurt when the market trended upwards and then longs were hurt went the market turned in the opposite direction. Santiment said:

Traders continue to short whenever prices see a notable price dump. According to the $BTC average funding rate across Binance, BitMEX, DYDX, and FTX, the reaction to Friday’s drop was the most aggressive traders went against markets since May.

Crypto Bitcoin BTC BTCUSDT Santiment 1
Source: Santiment

Will Crypto See A Fresh Relief Rally?

Additional data provided by analyst Justin Bennett indicates that the crypto total market cap, as mentioned, broke below a bottom of an important trendline. However, Bennett believes the chart is suggesting a pullback into previous support.

Related Reading: Why Is Shiba Inu’s $BONE On The Rise And Is It Time To Get In?

As seen in the chart below, this could push cryptocurrencies to a 3% to 5% profit before a crash to around $800 billion. For the altcoins sector, this pullback could hint at a significant crash. Bennett said:

And to anyone who says altcoins won’t pull back that far…They already did once. Alts pulled back over 90% during the last bear market. So, to think they’ll stop at -74% this time with raging inflation, a global recession, etc. is naive, in my opinion.

Maybe another +3-5% for #crypto before we get some significant retests. ?$TOTAL pic.twitter.com/ewUIAXPpRI

— Justin Bennett (@JustinBennettFX) August 29, 2022 

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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