BTC price targets with a Bitcoin short squeeze incoming
Bitcoin (BTC) drastically crashed this week, revisiting levels of over two months ago and affecting the cryptocurrency market‘s sentiment. In a dominating bearish market, traders started favoring short positions, which can lead to short squeezes in the following weeks. Notably, long-position traders lost $400 million in liquidations during the crash, as fear, uncertainty, and doubt (FUD) took over. This long squeeze rebalanced Bitcoin’s derivatives market, clearing most of the opened long positions. As a result, the market’s open interest (OI) has weighted toward shorts, reaching record negative funding rates year-to-date. Finbold retrieved data from CoinGlass on March 3 showing BTC’s OI-weighted funding rate at its worst levels of 2024. Picks for you AI predicts Silver price for May 31, 2024 25 mins ago US banks hide $7.4 Trillion off-sheet, echoing 2008 financial crash 26 mins ago MultiBank.io to revolutionaze cryptocurrency derivativ...