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Cryptocurrency News Articles
Bitcoin (BTC) Bulls Eye $86,600 New ATH as Binance Accounts Short the Cryptocurrency
Oct 18, 2024 at 07:05 pm
After a rocky start to October, Bitcoin (BTC) has taken off quickly, reclaiming its previously stable levels between $65,000 and $67,000
As October nears its conclusion, Bitcoin has experienced a rapid ascent, returning to its previously stable range between $65,000 and $67,000, sparking optimism among investors regarding the possibility of the world’s leading cryptocurrency reaching new all-time highs (ATH).
However, many traders appear to be anticipating that BTC is nearing the upper limit of the current rally, as 58.23% of Binance accounts with open Bitcoin positions have begun shorting the cryptocurrency, according to data shared on X by prominent analyst Ali Martinez.
While Bitcoin does not fully encompass the realm of cryptocurrencies, and Binance hardly corresponds to the entirety of the crypto market, their sheer size and influence have made them a convenient barometer for gauging the overall direction and sentiment.
Although Binance's market share in terms of centralized platforms’ volume fell some 20% from August to October, it remains a dominant exchange, handling 36.6% as of early October.
Investors wary of a pullback despite eyeing new ATH
The increasing proportion of shorts on Binance reflects a broader uncertainty regarding Bitcoin’s next move.
On the one hand, its recent rise – and the staggering surge of inflows for institutions offering Bitcoin exchange-traded funds (ETF) – signal confidence. On the other hand, it is worth noting that the recent surge occurred over October 14-16, with trading largely moving sideways since then.
However, the overall trend appears to be up, with Martinez identifying on October 17 a critical level for BTC to hold at $66,780, leading to optimism among investors that it will rocket to $86,600 – a decisive new ATH, given the coin's current price at $67,780.
The month of ‘Uptober’ also bolsters the bull case from a psychological perspective.
Historically, the tenth month of the year has been strong for Bitcoin and served as a prelude for a period of upward trading – usually lasting until May – as several experts noted when setting their Halloween BTC price targets.
But the positivity does not preclude the possibility of a sharp pullback, given the volatility inherent in cryptocurrency markets. Despite bullishness prevailing for most of 2024, Bitcoin has experienced several deep and sudden plunges.
Recent transfers by Elon Musk's electric vehicle maker Tesla (NASDAQ: TSLA) have also raised the prospect of substantial selling pressure.
Bitcoin price chart
Irrespective of Bitcoin's next move, its recent performance has been strong overall, with a price of $67,780 at press time on October 18. In the 30-day chart, BTC is up 12.99%.
Zooming out, the world’s premier cryptocurrency has risen significantly in 2024 and is up 59.55% year-to-date (YTD). However, it remains below the ATH of around $73,000 that it had reached in March.
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