Short Position Piling Up, Could This Hint At The Next Bitcoin Move?

Bitcoin is still unable to break above or below its current range. Yesterday, BTC’s price was seeing a trading session in the green until a surge in negative news contributed to an increase in selling pressure. Related Reading | New Study Shows 37% Of People Want Governments To Legalize Bitcoin Traditional markets also tumbled and added to the downside price action as Bitcoin approached a major area of resistance at $32,000. At the time of writing, Bitcoin (BTC) trades at $29,800 with a 6% loss in the last 24-hours. Trading desk QCP Capital published a market update highlighting the rise in Bitcoin dominance as altcoins, such as Ethereum, continue to underperform. This metric is used to measure the percentage of the total crypto market capitalization comprised of BTC alone and currently stands at 47%. As seen below, the last time this metric was at its current levels was in November 2021 when the market took a final move to the upside before a major crash on December 3 that year. After that, Bitcoin dominance trended to the downside and moved sideways until mid-May 2022. If the upside trend in Bitcoin dominance continues, the altcoin market could experience more pain as BTC’s price remains rangebound. However, the short-term seems ready for some relief. QCP Capital noted an increase in the number of short positions across the market. The trading desk said the following in its report: If this an indication of overall...