On May 14, BTC surged to $9,970, only to be met with a fierce rejection to $9,100. This is an interesting development as it comes when the price is rising. In total, on the three futures exchanges alone, there are $763 million worth of longs filed, whereas merely $221 million in shorts are present. In the last week, Bitcoin‘s price rejected near $10,000 three times, raising the probability of a long squeeze. 3 Reasons Why Bitcoin‘s Price May Correct Sharply . The difference between early May and the current price trend is that almost 80% of traders in the entire Bitcoin futures market are long on BTC while it is testing the $9,900 to $10,000 resistance area that it has failed to overcome during the past two weeks. A recap of the last month’s report showed that the price was rather bullish due to the surge in positions by retail longs. That keeps the market balanced and prevents a prolonged downtrend or rally. On BitMEX, the funding rate of its perpetual Bitcoin futures contract is hovering at 0.05%.

With increasing Open Interest on the Futures platform, combined with the pandemic, it feels like a no-brainer for the price to surge. Bitcoin funding, long to short contract ratio and open interest. Crypto Occupies a Class of Its Own, Bitcoin ‘plankton’ wallets hit record — plus 4 more bullish BTC charts, Bitcoin options data shows traders anticipate BTC price to fall soon, testing the $9,900 to $10,000 resistance area, Ethereum miners made 450K ETH from high network fees during DeFi peak, OneCoin movie starring Kate Winslet coming soon, Yearn finance (YFI) gains 36% as DeFi tokens follow Bitcoin’s bullish trend, SEC’s conservative approach to crypto needs to change – SEC’s Peirce, $12K Bitcoin price back on the table after BTC rallies above $11.4K. Bitcoin then dropped to $8,859 within the next 20 minutes creating a significant long squeeze on both Bitfinex and BitMEX. The price may be bullish, however, that is over a long-term time frame of a year or two. After a brief overnight recovery, bitcoin is getting battered along with the rest of the sector, but how much lower can we go? To provide some balance, futures exchanges use a mechanism called funding. Today, for a third time, BTC hit $9,910 but failed to push through overhead resistance.

Could this blockchain protocol reduce exposure to PoS slashing risks?

Source: CryptoISO.

Regardless, the shorts are stacking up their positions in hopes of taking down the longs. Since the start of May, the price of Bitcoin tested the $10,000 resistance level a total of three times. With increasing Open Interest on the Futures platform, combined with the pandemic, it feels like a no-brainer for the price to surge. Across Bitfinex, BitMEX and Binance Futures, 77.51% of traders are holding long positions on average. Bitcoin has fallen to $7,500 as several signs point to an orchestrated sale on Bitstamp to long squeeze BitMEX traders.

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