Bitcoin ‘short squeeze’ pushes BTC price to $35,900 as OI remains high


Bitcoin prices were volatile at the close of trading on November 7, with a “short squeeze” pushing the market to nearly $36,000.


BTC 1 hour chart | Source: TradingView

Bitcoin hits ‘significant’ short squeeze price level

Data from TradingView shows Bitcoin reacting amid rising open interest (OI) on exchanges.

OI exceeding $15 billion may trigger a new round of volatility. There are concerns that BTC prices will fall, and the final direction is unclear.

Bears finally felt the pressure as BTC quickly rose and peaked just below $35,900.

Prominent trader Skew and others analyzed the situation leading up to the above move forecast this incident. Skew believes that if $34,800 returns, momentum will accelerate – and a chain of events then materializes.

“Open interest is still rising and it looks like bears are floating higher in accumulated open interest. $34,800 ~ important price for the squeeze,” he share.

On-chain monitoring source Material Indiators reiterated previous claims that $36,000 will not be reached this week.

“You can never say ‘never’ in this game, but based on the latest trend finding signals, I would be very surprised to see BTC break $36,000 before the close,” part of Post X exhibitreferring to one of their proprietary trading indicators.


Binance BTC order book data as of November 7 | Source: Material Indicators/X

Meanwhile, trader Daan Crypto Trades noticed something and he describe is an “interesting change” in the composition of derivatives.

Specifically, traders on the largest exchange Binance are establishing bearish positions compared to Bybit exchange, but the “long squeeze” is uncertain.

“Bybit perpetual contracts always trade at a higher price than Binance. Clearly, within this range, people are interested in Bybit, while Binance is more bearish,” he concluded.

The attached chart compares the BTC/USDT perpetual swap pair on both exchanges, showing a decline in Binance trading volume following the short squeeze.

“It will be interesting to see how this problem resolves. One thing is clear: Bybit traders are more optimistic than Binance traders,” he concluded.


Bitcoin Perpetual Contracts chart between Binance and Bybit | Source: Daan Crypto Trades/X

Bitcoin futures OI is still rampant

Financial commentator Tedtalksmacro noted the impact of the tightening on Binance, with short OI disappearing.


source: Ted Talks Macro

As of this writing, BTC is trading at $35,360, with open interest still exceeding $15 billion, according to data from on-chain monitoring resources coin glass.

Bitcoin Futures OI Chart | Source: CoinGlass

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According to Cointelegraph


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