BTC is down 3.5% today as it makes way towards the range low. After a fun few days, alt season may have been short-lived; AXS has been hit the worst, down 22% in the last 24 hours. In today’s edition, we cover the re-emergence of Bitfinex shorts and why June wasn’t such a bad month after all.
Bitfinex Shorts Back At ItAfter a massive round of shorts closed in the last week of June, shorts are once again going ham on Bitfinex. Over 5k BTC worth of shorts were opened in just the last few hours. The last time this happened, shorts started closing their positions soon after, as the price rebounded. But the build-up of shorts happened before the bottom. This time around, BTC isn’t looking too hot. When shorts close their positions, they do so by going long to offset their short exposure. So if and when shorts start closing their positions, we can expect the price to squeeze higher.