Attention Traders: Bear’s Captivate $29,000 Levels, BTC Price May Withness Another Massive Plunge

The post Attention Traders: Bear’s Captivate $29,000 Levels, BTC Price May Withness Another Massive Plunge appeared first on Coinpedia Fintech News

After trading within a prolonged period of uncertainty, the Bitcoin price appears to be materializing the term ‘Uptober’. Despite the interim losses, the price continues to flash bullish signals that indicate a larger possibility of reaching the short-term milestone of $30,000 in the next few days. As a result, the bears have found a nice opportunity to cash out their profits, which may certainly not be a good sign for the BTC price rally.

The token made a massive rise in the past few trading days, reaching above the crucial levels at $29,000. Although it faced a minor pullback from these levels, it continues to display huge bullish momentum. Ever since the start of the year, the traders have been extracting small profits at minor spikes, and a similar action is expected to occur very soon. A popular analyst, Ali, shared data, according to which investors are going against the trend.

According to the above data, traders have begun to short BTC heavily, expecting the price to continue to plunge. As the Bitcoin price approached $29,000, nearly 51% of all the accounts on the Binance exchange with an open BTC futures position went short. This indicates that the traders believe the price may undergo another rejection, as it did a couple of days before.

However, this can also be considered a huge bullish signal, as the price could rebound finely and trigger a fine rise as soon as the short positions are closed. This could propel the Bitcoin price not only above $29,000 but also closer to $30,000. The BTC price, after rising above the crucial resistance at $28,446 failed to strengthen its presence above $29,000. Despite a significant pullback, it continues to trade around the same levels, indicating strength among the bulls.

Therefore, larger possibilities of a continued ascending trend may be expected that may assist the Bitcoin price to regain the lost levels above $29,000.