Bitcoin price nearly looks ready to conquer the $30,000 level, but noshitcoins says mounting macroeconomic worries and regulatory challenges will make the rally to the key price level tougher than expected.
), thus increasing their crypto exposure. On the other hand, borrowing Bitcoin can only be used to bet on a price decline.
The indicator is currently at 19, indicating a balanced situation given the high cost of borrowing USD to short BTC, which stands at 15%.The top traders' long-to-short net ratio excludes externalities that might have solely impacted the margin markets. Analysts can better understand whether professional traders are leaning bullish or bearish by aggregating the positions on the spot, perpetual and quarterly futures contracts.
Between March 18 and March 22, the top traders' long-to-short ratio at OKX increased, peaking at 1.09, but reversed course on March 23. The indicator is currently at its lowest level in eleven days, at 0.76. Meanwhile, at the Huobi exchange, the top traders' long-to-short ratio has stood flat near 1.0 since March 18.
As Bitcoin has gained 13% since March 16, margin and futures markets indicate that whales and market makers were ill-prepared. This may initially appear bearish, but if the $28,000 support level holds, professional traders will likely be compelled to add long positions, further accelerating the bullish momentum.
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