Analysis points to a dominance of short positions on Bitcoin at Binance, though address activity and liquidity suggest potential growth.

Bitcoin Positions on Binance

Currently, 58.23% of accounts on Binance with open Bitcoin positions are going short, expecting a price decrease for the cryptocurrency. However, if Bitcoin's price moves against the trend, a sudden rally can occur as traders cover their positions.

Increase in Bitcoin Trading Activity

Data from IntoTheBlock shows a 19% rise in Bitcoin's active addresses to 764.38K over the last 24 hours. This uptick in market activity indicates rising interest and participation, suggesting a potential price move. The increase in active addresses hints at growing demand, adding more weight to the possibility of a rally.

Potential for Bitcoin Price Surge

Despite the dominance of short positions, liquidity data still shows a bullish bias. One key price level to watch is the $68,600 level, where $49.02 million in BTC could be liquidated, indicating the expectation for an upward rally. A renowned crypto analyst suggests that if Bitcoin breaks the resistance at $67,400, it could potentially reach $86,600. Despite the majority of traders holding shorts, the rise in active addresses and liquidity indicators suggest a different narrative.

Bitcoin is poised to break above the $67,400 resistance level, potentially sparking a surge to $86,600. Despite the short dominance, activity and liquidity point to possible growth.