Buying Guides

Bitcoin: New ATH before halving? Traders are betting on $77,000 because…

  • Fierce long positions and a large OI suggest that shorts are at risk.
  • Indicators presented a bullish bias that could drive Bitcoin toward $77,000.

Bitcoin [BTC] traders are at it again. But this time, they are not wagering big money, and predicting a nosedive for the coin. Instead, AMBCrypto’s assessment of the Funding Rate showed that many traders were long.

Being in a long position means that a trader is expecting to make gains from a cryptocurrency’s price increase. Also, Funding Rate tells if longs are paying shorts otherwise.

A divergence caused the doubling down

At press time, Bitcoin’s Funding Rate was at its highest point since the 18th of March, Santiment showed. At press time, BTC had increased to $70,368.

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