Bitcoin’s BTC/USD pair has been stuck in a sideways range, leaving traders eager to predict the next major price movement. While a recent $9 billion liquidation of short positions near $68,000 might suggest further downside risk, some experts believe the market is on the cusp of a bullish reversal.
Pseudonymous trader Doctor Profit argues that despite the short liquidations and low funding rates, the market is evolving into a healthier state. The fact that more traders are short than long indicates an impending uptrend, according to Profit. He advises buying on dips and accumulating Bitcoin, anticipating an upward price movement.
Other crypto traders also observe sideways trading but expect volatility within a range of $61,900 to $56,200. A decisive break above or below this range is necessary for a significant price shift. A drop below $58,650 could signal another support level failure, potentially leading to further downward movement.
Coinglass data reveals a low long-to-short ratio, with more short positions than long in the past 24 hours. Additionally, short liquidations have reached their lowest point since June, indicating traders are hesitant to go short at current prices. Despite an 11% drop over the past month, these indicators suggest that a significant bearish move is unlikely.
The future of Bitcoin as an institutional asset class will be explored at Benzinga’s upcoming Future of Digital Assets event on November 19. This event will offer insights into the ongoing evolution of the cryptocurrency market.
