![Bitcoin [BTC]: A tale of how short traders caused a price rally in January](https://i.headtopics.com/images/2023/2/1/cryptoamb/bitcoin-btc-a-tale-of-how-short-traders-caused-a-p-bitcoin-btc-a-tale-of-how-short-traders-caused-a-p-1620641844831944704.webp)
BTC saw a huge number of short trader liquidations in the last month, hence the price rally. With waning buying pressure, BTC’s price might soon suffer a correction. In January 2023, Bitcoin [BTC] markets experienced their strongest monthly performance since October 2021, with a year-to-date (YTD) increase of over 43%. Glassnode, in a new report, […]
, found that this unexpected spike in value put BTC’s price at its highest level since August 2022, with a weekly increase of 6.6% from its low of $22,400.Glassnode reported that an increase in the number of short squeezes in the derivatives market was the main reason behind the recent surge in BTC’s price over the past month.
The report noted that the cash and carry basis for perpetual swap and calendar futures were now in positive territory, indicating a return of positive sentiment and speculation in the market. The daily inflow and outflow of coins from exchanges was balanced, with a net flow of $20 million, reflecting a slowdown in new demand. The largest monthly outflow of coins in history occurred from November to December 2022 but has returned to neutral, indicating a cooling down of outflows.BTC’s movements on a daily chart suggested that its price might experience a drawback in the new trading month.
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