Bitcoin derivatives data shows bulls positioning for further BTC price upside
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Bitcoin (
Bears are unlikely to reverse their situation
Bulls are expected to push Bitcoin above $30,500 on April 14 at 8:00 a.m UTC to profit an additional $100 million. Bears, on the other hand, would need to pressure Bitcoin’s price below $29,000 in order to balance the scales. However, bears have recently suffered significant losses as BTC futures short contracts were forcibly liquidated to the tune of $128 million between April 9 and April 11.
As the most likely scenario favors Bitcoin bulls, their profits will most likely be used to reinforce the $30,000 support. Bears might consider licking their wounds and waiting for additional actions from regulators as the macroeconomic scenario is currently bullish for supply capped assets.
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