3 reasons why Bitcoin price bottom could have been $67.3K
Data suggests traders are ignoring the current Bitcoin price correction and betting for new highs after the US elections wrap up.
Bitcoin (BTC) fell 6.7% between Oct. 31 and Nov. 4, breaking below the $67,500 mark for the first time in eight days. This decline led to the liquidation of over $190 million in leveraged long positions and coincided with uncertainty surrounding the Nov. 5 US presidential elections.
Despite this short-term bearish momentum, three Bitcoin derivatives metrics show that the market is not panicking. These positive indicators include the long-to-short ratio of top traders on exchanges, aggregate BTC futures open interest, and stablecoin demand in China.
Exchanges top traders long-to-short ratio. Source: Coinglass
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Author: Marcel Pechman
