Furthermore, Bitcoin is on the verge of breaking above the $67,400 price level, which could lead to a surge in price action towards $86,600 according to a renowned Crypto analyst.
However, these short positions can create sudden price jumps if Bitcoin moves against the crowd and forces traders to cover their positions.
Despite this, IntoTheBlock’s data demonstrates that Bitcoin’s active addresses have surged by 19% to 764.38K in the last 24 hours, marking increasing interest and participation in the market and suggesting a potential price move.
Bitcoin’s Price Action Rises Amidst Strong Short Positions and Active Addresses: Binance’s data reveals that 58.23% of accounts in the exchange with open Bitcoin positions are currently going short, indicating a strong market sentiment that the price of Bitcoin will drop.
