Over the past 24 hours, the cryptocurrencies have lost about 4% of total capitalization. Bitcoin went below $ 6000 again, coming close to the minimum of the year. Also, its capitalization is a step away from the breakdown of the $ 100 billion mark.
There are no obvious drivers of this wave, the main reasons are low volume, the triggering of stop orders and the opening of short positions.
Bitcoin and growth of the volume of short positions on it (hourly chart):
And the long-term total short position remains relatively small for the time being. Bitcoin and the volume of short positions on it (daily chart):
So, on one hand, while a few wanted to put on a further decline – there is the potential for a short-term downward movement on the growth of speculative positions. And on the other hand, a sharp increase in the closing of short positions in the April scenario is still unlikely. In order to grow, the market must first fall or convincingly depict the beginning of the movement down.