Two days ago bears got alittle ahead of themselves and opened up a record number of short positions around 36,200. The following day, instead of going down prices went up to 37200+ putting this record setting group into the red.
They were unable to drive BTC down directly. What you're seeing now is large amounts of money trying to sell down Ethereum and other alt coins in an attempt to drag prices down by proxy.
And it's working. As BTC hits the 35s you're already seeing these short positions start to retreat now that they aren't in the red.
My Hot Take: BTC goes to 34500-35000 bottom, Eth already hit it's bottom, by weekend Eth will be back at 2600 and BTC hits 38.
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