On Thursday, December 6, the number of short positions on Bitcoin on the popular Hong Kong exchange Bitfinex updated the six-week maximum, reaching 37,891 , reports CoinDesk .
The last time the figure reached such high values on October 15 at around 36,996. Note that over the past three weeks the number of shorts has increased by 95%.
At the same time, the number of short positions did not fall below 35 thousand, even when the price of Bitcoin tried to get out of the deep oversold zone, showing an increase from $ 3,500 to $ 4,400.
At the moment, says analyst Omkar Godboul, the ratio of long and short positions indicates an overwhelming dominance of bears.
According to him, given the current situation, the price of Bitcoin may soon test the mark of $ 3,474. However, Godboul added, if the number of shorts updates the historical maximum (40,289), then the sellers' strength may be depleted.
As of 16:50 UTC, Bitcoin is trading at around $ 3,650, and the decline over the last 24 hours was slightly more than 4%.
Bitstamp data
Recall that in November 2018, the price of Bitcoin showed the worst dynamics over the past seven years.
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