Bitcoin Rises Above $37K Zone; Shorts Crushed With $96 Million Loss
Bitcoin Attains 18-Month High Amidst Growing Market ‘Greed,’ Prompting Short Squeeze Frenzy
The Crypto Fear and Greed Index (CFGI) presently registers a prevailing sentiment of “greed” in the cryptocurrency market, scoring 69 out of 100. As of 5:20 a.m. Eastern Time on November 9, 2023, the price of bitcoin surged above $37,000—a peak not witnessed since the initial week of May 2022, spanning a period of more than 550 days.
Bitcoin Surpasses $37,000; Short Positions Crushed with $96 Million in Losses Bitcoin’s valuation (BTC) has risen by 4.4% against the U.S. dollar on this Thursday, indicating a robust 34% appreciation over the preceding month. Currently trading just above the $37,000 threshold, bitcoin has reached a level not seen since May 6, 2022.
This development signifies that for an extensive period exceeding a year, or more than 550 days, bitcoin’s price remained below the $37,000 mark. It has been 238 days since BTC’s value dropped below $25,000 on March 16, 2023, and 299 days since it fell below the $20,000 mark on January 14, 2023.
Moreover, bitcoin has not been priced at $10,000 or lower since July 27, 2020, approximately 1,200 days ago. During the period from 2020 to 2023, bitcoin’s price stayed below $10,000 for 202 days, below $20,000 for 471 days, and below $25,000 for a total of 637 days.
Throughout this week, bitcoin’s price has consistently maintained a robust position above $35,000, indicating a bullish outlook as corroborated by the latest technical oscillators and moving averages. The 10-day short-term exponential moving average (EMA) and simple moving average (SMA) are both signaling bullish trends, indicative of a robust price trajectory in recent times.
Despite these positive signals, the Crypto Fear and Greed Index (CFGI) persistently indicates a leaning towards “greed.” The index reflected this sentiment in the preceding week and the day prior, while it reported “neutral” sentiments last month, according to alternative.me.
According to the CFGI, an indication of “extreme fear” may suggest widespread concern among traders and investors, potentially marking a prime entry juncture. Conversely, an indication of “extreme greed” suggests that the crypto market might be poised for a price correction.
Nevertheless, recent data underscores that those who bet against the cryptocurrency’s upward trend by taking short positions incurred losses totaling $162 million in the past day alone. Bitcoin’s swift surge towards $37,000 led to the liquidation of over 59% of these short positions, equating to approximately $96 million.
