• There has been an aggressive shorting of BTC recently.
• BTC has lost over 1% in value and dropped below the $27,000 price level.

Despite Bitcoin [BTC] reaching a price of $27,000, certain traders opted for a bearish stance. How well have they performed thus far, and what is the prevailing funding rate?

Read Bitcoin (BTC) Price Prediction 2023-24

Bitcoin sees aggressive shorts

As per a report from Santiment, Bitcoin experienced significant bearish activity among traders on specific exchanges. The data chart revealed that traders were engaged in shorting of BTC on Deribit and Binance despite the price surging to the $27,000 range.

Also, Santiment noted that this aggressive shorting had started a week prior, coinciding with a 4% increase in BTC’s value during that period. It was anticipated that this shorting trend would persist, potentially leading to further liquidations, which could, in turn, drive up the price of Bitcoin.

Bitcoin’s funding rate and liquidation in the past 24 hours

Despite the intensified shorting activity on Deribit and Binance, the overall funding rate for Bitcoin remained in positive territory. According to data from
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Author: Adewale Olarinde

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