Glassnode Says Bitcoin Gets Boost From Short Covering in $82,000-$86,000 Range
JH Kim
Summary
- Glassnode said Bitcoin (BTC) is coming under upward pressure as liquidations of short positions built up in the $82,000-$86,000 range spur short covering.
- Glassnode said investors with short positions were rushing to close them as Bitcoin entered that price range.
- Glassnode said buying tied to this short covering is helping push the price of Bitcoin (BTC) higher.
Forecast Trend Report by Period
Bitcoin is coming under upward pressure as liquidations of short positions built up in the $82,000 to $86,000 range spur short covering, according to Glassnode.
On September 21, the on-chain analytics firm said investors with short positions were rushing to close them as Bitcoin entered that price band.
Short covering refers to investors who had bet on a price decline buying back Bitcoin to limit losses.
Glassnode said that buying is acting as an additional driver pushing Bitcoin prices higher.
JH Kim
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