In a recent post on X (formerly known as Twitter), cryptocurrency analyst and trader Ali disclosed that a significant number of traders on Binance are actively shorting Bitcoin (BTC). According to Ali’s findings, approximately 51% of accounts on the popular exchange platform have open BTC futures positions with a bearish outlook.
However, despite the bearish sentiment among some traders, Bitcoin has shown resilience in the market. Data from CoinMarketCap reveals that BTC recorded a 1.85% gain over the past 24 hours. This positive daily performance has also bolstered Bitcoin’s weekly performance, now standing at an impressive +5.99%. As a result, Bitcoin’s price currently sits at $28,696.32.
The recent price surge propelled Bitcoin to the top spot on CoinMarketCap’s trending list, surpassing Big Time (BIGTIME) and Loom Network (LOOM). Interestingly, Bitcoin’s price increase coincided with a decrease in its daily trading volume, which saw a decline of 40.47%, according to CoinMarketCap data.
From a technical perspective, Bitcoin continues to trade within a medium-term positive price channel that formed on its daily chart over the past few weeks. While there was a brief dip below this ascending channel in the past week, Bitcoin managed to recover. This resilience may set the stage for an attempt to challenge the next major resistance level at $29,210 in the coming days.
In the event that the bullish momentum falters, Bitcoin’s value could dip to the immediate support level at $27,915. A breach of this level would put Bitcoin at risk of retesting the lower boundary of the aforementioned price channel. This is a critical level, as it coincides with the 20-day EMA line, making it a significant support zone. A break below this channel may lead to a substantial correction, potentially driving Bitcoin’s price down to $26,915.
Traders and investors should take note of a recent bullish technical indicator: the daily MACD line crossed above the daily MACD Signal line in the past 48 hours. This development suggests that Bitcoin’s positive momentum could persist in the days ahead, offering potential opportunities for traders and investors alike.