over the past 48 hours, shorts have reduced their position by 60%+ and they show no signs of stopping

this is based on the ‘BTCUSDSHORTS’ ticker. shorts have not sold their position this much since June 30, 2019. they are taking profits. from about $900M to $300M.

this could mean a few things:

the $33000 level is the lowest level whales deem think Bitcoin ‘should be’ worth, for the next few months. confidence in the market is restoring. short positions are now lower as compared to during the mid-May crash. historically, when shorts reduce their position by this much, the price of Bitcoin almost always ends up positive after at least a week. shorts are still yet to slow down reducing their positions, so if Bitcoin continues to recover, they might panic more and exponentially squeeze the price up temporarily.