• BTC has surged by 4.16% over the past 24 hours.
• Rising open interest and declining funding rate suggest a high demand for Bitcoin’s short trade.

Over the past 24 hours, Bitcoin [BTC] experienced small gains as the markets enter the Christmas mood. As of this writing, Bitcoin was trading at $98,056. This marked a 4.16% increase over the last day.

Over Christmas Eve, Bitcoin surged from a low of $93,461 to a high of $99,419. This uptick over the past day has left analysts talking over BTC performance post-Christmas.

Inasmuch, Cryptoquant analyst Traders Oasis has suggested that BTC will move sideways during the Christmas week then distribution movement will follow as demand for short positions rises.

Bitcoin’s demand for short positions soars

According to Trader Oasis, Bitcoin has experienced a correction the past weeks over the lack of institutional demand.

In his analysis, he posited that the Coinbase premium index did not accompany the price rise, thus leading to a retrace. However, the analyst expects the market to continue with the rise as the index has entered negative territory.

Source: Cryptoquan

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Author: Gladys Makena