Bitcoin shorts scramble for the exits as BTC climbs

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Source: CryptoNewsNet Original Title: Bitcoin shorts scramble for the exits as BTC climbs Original Link: More than $110 million in bitcoin short positions were liquidated as the price of the largest cryptocurrency climbed to $90,000 from an intraday low of $86,200 on Wednesday.

Coinglass data shows the short positions were liquidated in the past hour, with the majority occurring on bitcoin trading pairs.

The price surge also coincided with a relatively subdued drop in futures open interest, suggesting that those in short positions either covered their positions by buying spot, as opposed to leveraged products, to minimize risk or were liquidated.

Bitcoin’s cumulative volume delta (CVD) rose by 1,100% during the spike, indicating that aggressive buyers are overpowering sellers. That’s behavior not seen since Dec. 1.

Altcoins lagged bitcoin’s move for the most part as bitcoin dominance climbed back towards 60%, a far cry from September when it reached as low as 56.7%.

BTC-0.91%
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