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The number of BTC short positions on Bitfinex, the well-known crypto exchange from Hong Kong, reached a new level of 37,891 on December 6 and exceeded the maximum value for the last month and a half, Coindesk reports.
These data indicate the continuing downtrend in the crypto market. Such a high figure was recorded in mid-October 2018 last time and amounted to 36,996. Moreover, the number of short positions has almost doubled at the end of November – early December.
Comparing the long and short positions on Bitfinex, we can see that sellers continue to dominate in the crypto market. In the current situation, Omkar Godbole, the CoinDesk analyst, believes that they may be exhausted if the number of short positions reaches a historical maximum of 40,289.
Such figures will be indicative of the sellers’ tiredness, and then the market can turn in favor of buyers. On Bitfinex, Bitcoin was traded at $3450 on December 7, at 05:30 (UTC). Over the past 24 hours, its price fell by 11.5%.
According to CoinMarketCap as of December 7, 05:19 (UTC), the value of the first cryptocurrency was $3415, the market cap volume — $59.4 billion. In the past 24 hours, the price of bitcoin decreased by more than 10% and reached a new minimum annual value of $3379 at 03:24 (UTC).
As previously reported, the mining difficulty of the first cryptocurrency decreased by 15.13% for the first time in a long time.