Thursday, December 6, the number of short positions on bitcoin on the popular Hong Kong exchange Bitfinex has updated a six-week high, reaching 37 891, reports CoinDesk.
The last time the figure reached such high values on 15 October at around 36 996. Note that in the last three weeks the number of shorts increased by 95%.
At the same time, the number of short positions did not fall below 35 per thousand even if the price of bitcoin tried to get out of the zone of deep, strong, showing growth from $3,500 to a level near $4400.
At the moment, says analyst Omkar Godbole, the ratio of long and short positions indicates the overwhelming dominance of the bears.
In his opinion, given the situation, the price of bitcoin may soon test the level of $3474. However, Godbole added if the number of shorts will update the historical maximum (40 289), the sellers force can dwindle.
As of 16:50 UTC, bitcoin is trading around $3650, and a fall in the last day was a little more than 4%.
We will remind, in November of 2018 bitcoin price has shown the worst dynamics for the last seven years.