A major Bitcoin price measurement is proving that the strongest investors are well positioned and are looking forward to bitcoin to conquer the $50,000 level in the short term.
Bitcoin price boosted 25% after the news of Tesla’s $1.5 billion BTC purchase was announced. Prior to this sensation, BTC was behind it’s major rival, Ether by 7.5%. However, a wide range of bitcoin related bullish news of the past days made BTC hit a new all-time high of almost $49,000.
Prior to Tesla’s move, BTC price was trending in the following ranges: $30,000 to $41,500 for about 3 consecutive weeks. However, once the price breaks above the range of $50,000 market experts predict that top investors, traders and arbitrage desks will take part in this bullish momentum and make it even stronger.
A wide range of the top traders opened short positions as bitcoin boosted 25%. This move looks risky, as this week bitcoin was supported by JPMorgan’s co-president and received regulators’ approval for a BTC ETF in Canada.
If we look at bitcoin from a historic point of view, its price tends to move in a duet with ether, which has been bullish for months. In addition, Bitcoin’s Lightning Network shared a record node count and the total value locked of more than $42 million.
In addition, Mastercard noted that it would promote crypto payments on its network.
These bullish signs contrast with the long-to-short net positioning measurements done by major crypto exchanges.
This indicator is measured by analyzing the client’s consolidated position on the spot, perpetual and futures contracts and it gives a clearer picture of whether traders are more bullish or bearish.
It should be noted that there are occasional discrepancies in the methodologies between various exchanges, so viewers should monitor changes instead of absolute figures.
Thus, prior to Bitcoin’s 25% boost, Binance adh a 1.33 ratio favoring longs. This indicator rose at 1.53 on Feb. 10, but has since then got back to 1.31.
Huobi investors had a 0.74 indicator before Feb. 8th, which remained unchanged for three days. On Feb. 11th as BTC boosted from $44,000 to $48,000, these traders increased net longs, gaining the present 0.80.