He aquí por qué los alcistas no están comprando la caída del precio de Bitcoin para $50,000

Bitcoin (BTC) has been bouncing at the $51,000 support for the past 44 dias. Típicamente, this would be interpreted as a positive occurrence, especially considering that the $50,000 level represents a 75% advance in 2021.

sin embargo, cryptocurrency investors are typically short-term-focused and always overly optimistic. Así, the current narrative for Bitcoin is slowly turning bearish but aside from sentiment, what story are the fundamentals telling?

sin embargo, there is a possibility that the recent drop has its roots in the $1.55 billion options expiry set to occur on April 23. Como informó anteriormente Cointelegraph, bears have a $340 million advantage below $57,000. That could also explain why pro traders kept a neutral stance despite the 18% dip over the past eight days.

Precio de Bitcoin en Coinbase, Dólar estadounidense. Fuente: TradingView

Por otra parte, some analysts such as Willy Woo have said that the Chinese coal mining accident caused the violent drop in Bitcoin’s hashrate. This event, plus the electricity outage in China’s Xinjiang region, may have reduced the Bitcoin network’s processing power by 19%, and it exposed its heavy dependency on coal-driven energy.

While critics jumped in to bash Bitcoin, Coin Metrics co-founder Nic Carter produced a well-researched rebuttal to some of the key claims. Carter points out that Bitcoin mining, que es relativamente portátil, is concentrated in areas where electricity is unused and cheap.

Además, while the gold industry is environmentally destructive and diesel energy-dependent, Bitcoin mining can be fully powered by clean energy. Unlike precious metals, Mineros de Bitcoin’ portability allows the use of previously wasted oil and gas resources.

Whatever the case, pro traders haven’t been adding positions during the recent BTC price correction.

Pro traders aren’t selling but are also not buying at any price level

Major cryptocurrency exchanges provide data on their top traders’ posicionamiento neto de largo a corto. This indicator is calculated by analyzing clientsconsolidated positions on the spot, margen, and futures contracts. By doing this, proporciona una visión más clara de si los traders profesionales se inclinan al alza o al bajista.

Es importante tener en cuenta que existen discrepancias metodológicas ocasionales entre varios intercambios., por lo que se deben monitorear los cambios en lugar de las cifras absolutas.

Exchange’s top traders Bitcoin long-to-short ratio. Fuente: Bybt

The chart above shows that top traders increased their exposure between April 14 y abril 17, while the Bitcoin price was above $60,000. Por otra parte, over the past five days, these whales and arbitrage desks remained relatively flat.

It is worth noting that the current 1.49 ratio favoring longs on OKEx remains lower than the 1.75 level seen on April 17. This data signals that top traders reduced their positions over the past five days.

A similar trend took place at Binance, where top traders net long-to-short ratio peaked at 1.25 En abril 17. Albeit slightly favoring longs, the current 1.18 indicator sits at the lower range of the past three weeks.

Por último, Huobi top traders added long positions between April 14 y abril 18, but they kept a steady 0.90 ratio.

Por lo tanto, there is no doubt that whales and arbitrage desks are not adding to their long positions even as BTC tests the $52,000 support with a 20% correction from the April 14 pico.

sin embargo, investors are encouraged to wait for Friday’s options expiry before jumping to any fast conclusions.

Los puntos de vista y opiniones expresados ​​aquí son únicamente los de la autorr y no reflejan necesariamente las opiniones de Cointelegraph. Cada inversión y movimiento comercial implica un riesgo. Debe realizar su propia investigación al tomar una decisión.

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Fuente: Cointelegraph