{"id":13978,"date":"2023-11-08T07:55:57","date_gmt":"2023-11-08T07:55:57","guid":{"rendered":"https:\/\/daniellalemos-com-br.builderallwppro.com\/?p=13978"},"modified":"2023-11-08T07:55:59","modified_gmt":"2023-11-08T07:55:59","slug":"bitcoin-short-squeeze-sends-btc-price-to-35-9k-as-oi-stays-elevated","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13978","title":{"rendered":"Bitcoin &#8216;short squeeze&#8217; sends BTC price to $35.9K as OI stays elevated"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) saw classic BTC price volatility into the Nov. 7 daily close as a \u201cshort squeeze\u201d took the market near $36,000.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>Bitcoin hits &#8220;key&#8221; short squeeze price<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it reacted amid highly elevated open interest (OI) on exchanges.<\/p>\n<p>Previously, Cointelegraph reported on the more than $15 billion in OI being apt to spark a fresh round of volatility. Some feared that BTC price downside would result, with the ultimate direction unknown.<\/p>\n<p>In the end, shorts felt the heat as Bitcoin made swift gains to top out at just below $35,900. <\/p>\n<p>Analyzing the situation before the move, popular trader Skew and others predicted the event in advance. Skew argued that momentum would increase quickly should $34,800 return \u2014 a sequence of events which then came true.<\/p>\n<p>\u201cOpen interest still building up &amp; looking more like shorts have a higher float in the OI build up here. $34,800 ~ key price for a squeeze,\u201d he told X subscribers.<\/p>\n<p lang=\"en\" dir=\"ltr\">Yup there was a significant rise in OI overnight- it seems to be more of the same- shorts aping into passive bids here at the local lows.<\/p>\n<p>We have a big rise in OI, perp takers net selling, funding decreasing, and limit bids being filled. A recipe for a nice squeeze up. https:\/\/t.co\/IgwSR5dIo9 pic.twitter.com\/F82fmNnw7F<\/p>\n<p>\u2014 CrediBULL Crypto (@CredibleCrypto) November 7, 2023<\/p>\n<p>On-chain monitoring resource Material Indiators repeated a previous assertion that $36,000 would stay out of reach this week.<\/p>\n<p>\u201cYou can never say, \u2018Never\u2019 in this game, but based on the latest Trend Precognition signals, I&#8217;d be very surprised to see BTC move above $36k before the Weekly candle close,\u201d part of a post-move X post read, referring to one of its proprietary trading indicators.<\/p>\n<p><em>BTC\/USDT order book data for Binance as of Nov. 7. Source: Material Indicators\/X<\/em><\/p>\n<p>Fellow trader Daan Crypto Trades meanwhile eyed what he described as \u201can interesting shift\u201d in derivatives composition.<\/p>\n<p>Traders on largest exchange Binance were positioning themselves bearish compared to exchange Bybit, he noted, but a \u201clong squeeze\u201d was far from certain.<\/p>\n<p>\u201cBybit perpetuals have consistently traded higher than Binance. There&#8217;s been a clear long interest on Bybit while Binance has been more short orientated during this range,\u201d he summarized.<\/p>\n<p>An accompanying chart compared the two exchanges\u2019 BTC\/USDT perpetual swap pairs, showing Binance trading lower after the short squeeze.<\/p>\n<p>\u201cWill be very interesting to see how this resolves,\u201d he concluded. <\/p>\n<p>\u201cOne thing is clear and that&#8217;s that Bybit traders are more bullish than Binance traders.\u201d<em>Binance vs. Bybit Bitcoin perpetual swaps chart. Source: Daan Crypto Trades\/X<\/em><\/p>\n<h2>Major BTC futures OI flush still to appear<\/h2>\n<p>Financial commentator Tedtalksmacro showed the impact of the squeeze on Binance, where short open interest disappeared.<\/p>\n<p><strong><em>Related:\u00a0Inordinately high \u2014 Bitcoin Ordinals send BTC transaction fees to new 5-month peak<\/em><\/strong><\/p>\n<p lang=\"en\" dir=\"ltr\">BTC shorts obliterated. <\/p>\n<p>All of the OI built up earlier today ~$350MM USD, wiped in minutes. https:\/\/t.co\/E8Ev1lsBWe pic.twitter.com\/tHU25fTUt0<\/p>\n<p>\u2014 tedtalksmacro (@tedtalksmacro) November 7, 2023<\/p>\n<p>BTC\/USD traded at $35,300 at the time of writing on Nov. 8, with OI still beyond $15 billion, per data from on-chain monitoring resource CoinGlass.<\/p>\n<p><em>Bitcoin futures open interest chart (screenshot). Source: CoinGlass<\/em><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-short-squeeze-btc-price-35-9-k-oi\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) saw classic BTC price volatility into the Nov. 7 daily close as a \u201cshort squeeze\u201d took the market near $36,000. BTC\/USD 1-hour chart. Source: TradingView Bitcoin hits &#8220;key&#8221; short squeeze price Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it reacted amid highly elevated open interest (OI) on exchanges. Previously, Cointelegraph [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13978"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13978\/revisions"}],"predecessor-version":[{"id":13980,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13978\/revisions\/13980"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13979"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}