Bitcoin short ratio skyrockets: Is BTC doomed?
Bitcoin (BTC) has struggled in the opening months of the year. Now, the Bitcoin short ratio has seen a rapid increase. In the second half of March, the leading cryptocurrency has been trading in a range between $83,000 and $88,000, but this latest bearish development could herald another retest of crucial support levels. First, let’s recap recent price action. In the past 24 hours, the price of the flagship digital asset has increased by 0.23%, accompanied by an appreciable amount of volatility. On a year-to-date (YTD) basis, Bitcoin has lost 7.43% in value. BTC price 1-day and year-to-date (YTD) charts. Source: Finbold That certainly isn’t bearish price action. In addition, readers should note the spike in volume seen in early March on the chart to the right, which indicates a strong level of demand at the $80,000 price point. Picks for you ...