Glassnode Says Bitcoin Gets Boost From Short Covering in $82,000-$86,000 Range
Summary
- Glassnode said Bitcoin (BTC) is coming under upward pressure as liquidations of short positions built up in the $82,000 to $86,000 range trigger short covering.
- Glassnode said investors holding short positions were rushing to close them as Bitcoin entered that price range.
- Glassnode said the buying pressure from this short covering was helping push Bitcoin (BTC) prices higher.
Forecast Trend Report by Period
Bitcoin is coming under upward pressure as short positions built up in the $82,000 to $86,000 range are liquidated and covered, Glassnode said.
On Sept. 21, the on-chain analytics firm said investors with short positions were rushing to close them as Bitcoin moved into that price band.
Short covering refers to investors who had bet on a price decline buying Bitcoin back to limit losses.
Glassnode said that buying was helping drive Bitcoin prices higher.
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