Bitcoin traders are very, very long

2021年7月14日

The amount of leveraged long interest in BTCUSD is at a record high. There is a tremendous amount of Bitcoin on leverage betting on Bitcoin rising. This also means that there is a large potential for a cascade of liquidations if price begins a down move.

I put the probability at 50/50 up or down outside of this consolidation. The character of the breakout is something that I have the highest of confidence... it will be massive. The side with the greatest reward to risk at this point is the one that stands to trigger the most liquidations.