The Bear-Bull War on Bitcoin Continues! Are Longs or Shorts More at Risk in the Short Term?

Bitcoin took a big hit from the BTC transfers made by the bankrupt cryptocurrency exchange Mt.Gox as part of the refunds it started.

Related News: It became clear why Bitcoin fell! Official Statement from Mt.Gox!

In this context, while BTC dropped below $ 54,000, the US Non-Farm Employment data to be announced today is expected to have an impact on the price.

Investors who tend to evaluate short-term price movements in Bitcoin enter short with the expectation that the decline will continue, while some investors take long positions.

However, Bitcoin can make sudden and sharp movements up and down, thus liquidating investors in both directions.

According to Coinglass data, if Bitcoin rises to $56,000, $791 million in short positions could be liquidated.

Conversely, if Bitcoin drops to $50,000, long positions worth $489 million will be liquidated.

Direction in Bitcoin: Mt. Gox Will Determine!

While the battle between bears and bulls in Bitcoin continues, Rachel Lin, CEO and co-founder of decentralized exchange SynFutures, speaking to Decrypt, said that the selling pressure in Bitcoin is unlikely to decrease in the coming days.

Lin said the market is Mt. Gox stated that he expects most of its users to sell their Bitcoin, but if sales are lower than expected, a bounce in Bitcoin is guaranteed.

“On the other hand, if there is enough selling to push the price down, the $50,000 level may come.”

*This is not investment advice.

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