The price of Bitcoin has witnessed its fair share of corrections in recent days after reaching the highest new level ever last week. The performance of the leading currency in the last currency reflects what appears to be the exhaustion of the upholstery, as the public market decreased under some land pressure in the last week of May.
With the ongoing battle between bulls and bears, there is no clear way to find out the next bitcoin price. However, the last observation of the series shows the increasingly upscale activity on the famous central exchange, which can provide an insight into a short -term movement of market leadership.
“Betfinex Longs’s decrease may be useful for BTC” – Alphractal
In the May 30 publication on the social media platform X, Alphractal Cryptology Company research In the relationship between long situations with the use of Crypto Exchange Bitfinex and the direction of bitcoin. This analysis depends on BitFinex Long VS. The short position scale, which estimates the percentage of purchases against the sale of cryptocurrency (BTC, in this case).
According to Alphractor, the relationship between the BTC price track and the long situations learned on the BitFinex are inversely proportional. This means that if there is more long situations on the encryption trading platform, the probability of increasing prices increases. Meanwhile, the decrease in long situations on the stock market can be upward for bitcoin price.
The Analysis Company attributed this style to the milestones until they were wrong in the actual path of the market. According to Alpractal, these predictions in the wrong prices eventually lead to the liquidation and closure of forced attitudes, which pay the BTC price in the opposite direction.
The chart above shows a decline in long positions and a low volume of short positions | Source: @Alphractal on X
In the last publication on X, Alphractal pointed out that the long Bitfinex mode is decreasing, and if this trend is sustainable, the first cryptocurrency may resume its upward operation. On the other side, if the scale is escalating over its current level, the bitcoin price may be preparing for a severe decline.
Bitcoin price at a glance
As of the time of the press, Bitcoin is trading slightly higher than $ 104100, which reflects a decrease of more than 2 % in the past 24 hours. The performance of the leading currency in the leading currency is more frustrated in the weekly timetable, as it has lost more than 4 % of its value in the past seven days.
The price of BTC drops beneath the $104,000 level on the daily timeframe | Source: BTCUSDT chart on TradingView
Distinctive image from Istock, tradingvief chart
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