Get Ready For A Bitcoin Short Squeeze? Long Traders Pile Up As BTC Struggles

Bitcoin has been hinting at lower levels during today’s trading session. The benchmark crypto was rejected at around $48,000 and has been unable to reclaim its previous highs. Related Reading | Galaxy Digital’s Jason Urban What Will Drive Ethereum To Flip Bitcoin At the time of writing, Bitcoin trades at $43,100 with a 1% and 5% loss in the last 24 hours and 7 days, respectively. Data from Material Indicators records little support for BTC’s price as it moves in a tight range between $42,500 and $43,500. The benchmark crypto has been losing bid orders that could absorb future downside price action. As the chart below shows, BTC had around $10 million in bids orders that were pulled as the crypto trended to the downside. This liquidity seems to have been distributed between $42,000, $41,500, and $41,000 which could stand as the last line of defense against a fresh assault from the bears. The chart also shows how an entity places strategic asks orders when BTC’s price attempted to reclaim its previous levels. This happened as investors with asks orders of around $100,000 push BTC’s price back down to the low $40,000. The biggest sellers of this current price action seem to be retail investors and investors with asks orders of around $10,000 (yellow and red in the chart below). Only investors with bid orders of around $1,000 (green in the chart) seem to have been showing interest in buying into BTC’s price. The above suggest...