More than 20% of short positions on Bitcoin

On Monday morning, April 8, over 20% of short positions on Bitcoin totaling about $ 34 million were suddenly closed on Bitfinex, and this development added uncertainty about the further price movement of the first cryptocurrency.

Prior to this, almost 23,000 BTC were in short positions on Bitfinex, however, for a short period of time, positions totaling 6500 BTC were eliminated. As a result, the number of shorts on the Hong Kong Stock Exchange is currently at its lowest level since March 2018, when there was still a relatively high optimism about the relative new wave of growth in the price of Bitcoin.

As a rule, events of this magnitude push Bitcoin up, but this time it did not happen and the price of cryptocurrency not only remains below the resistance level in the region of $ 5350, but also goes down in the last few hours.

As suggested by the publication of Coin Rivet , such a development may indicate the placement of a hidden sell order. In this case, despite the elimination of such a significant amount of short positions, the price of Bitcoin remains pegged to this hidden order.

At the same time, the number of long positions on Bitfinex has increased from 23,800 to 26,000, and this may indicate that a large trader is converting shorts to long. However, there are also assumptions about the next manipulations.

$ BTCUSD shorts fallen off a cliff this morning. Strange how to make a difference in terms of price. Is it a big player to #manipulation ? pic.twitter.com/AQDy1EqbMP

– Oliver Knight (@KnightCoinRivet) April 8, 2019

By 12:00 UTC, the Bitcoin price on Bitfinex dropped to $ 5,170, although at the beginning of the day it reached $ 5,373.

Earlier today, BlockchainJournal reported that on the over-the-counter (OTC) platforms, there has been a surge in the activity of Chinese investors buying Tether USDT steylcoin at a price significantly higher than the nominal.

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