Crypto analyst Ali Martinez has highlighted a bearish sentiment among top traders on Binance, indicating potential downward pressure for Bitcoin.
Binance Top Traders Betting Against BTC
According to Martinez’s recent post on X (formerly Twitter), 51.41% of Binance’s top traders are currently shorting Bitcoin. This suggests these traders anticipate a price decline, even after Bitcoin recently recovered above the $60,000 mark. The cryptocurrency started the week with a correction, falling to $58,000.
Short-Term Outlook
This bearish outlook implies that Bitcoin’s rise to $60,000 may have been a temporary relief bounce rather than a sign of a bullish reversal. Martinez pointed out that Bitcoin remains in a downtrend, supported by the market value to realized value (MVRV) momentum, which has been negative since the price dropped below $66,750 in June.
He emphasized the importance of the $58,100 price level, warning that a break below this could push Bitcoin down towards $55,000. Conversely, if Bitcoin can hold its position, it might bounce back to between $60,200 and $62,000.
Market Reactions and Historical Trends
Crypto analyst Jelle noted that for a bullish reversal, Bitcoin needs to reclaim the $65,000 level, which seems challenging given the current market uncertainties, particularly surrounding upcoming rate cuts and the U.S. presidential elections. Historically, September has been a bearish month for Bitcoin, and many investors are looking towards October for potential market recovery.
Bearish Predictions
Economist Peter Schiff has issued a stark warning, predicting Bitcoin could plummet to as low as $15,000. He believes a triple top pattern is forming on Bitcoin’s chart, suggesting a bearish trend. Schiff anticipates a retest of long-term support between $15,000 and $20,000, though he sees the $42,000 support line as vulnerable as well.
As of now, Bitcoin is trading around $58,200, reflecting a decline over the past 24 hours, according to CoinMarketCap.
The post Binance Top Traders Betting Against Bitcoin at $60,000: What’s Going On? first appeared on Crypto Breaking News.
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