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The Short Squeeze & What Comes Next | Bitcoin Intelligence - YouTube
Channel: Sasco Digital Assets
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- We had a short squeeze last night.
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I'm gonna tell you what it all means
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and I'm gonna tell you what comes next.
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In case you haven't been paying attention,
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last night around eight
o'clock Eastern time,
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we had an incredible short squeeze.
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The price moved around,
I want to say $5,000.
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The biggest short squeeze
in Bitcoin's history.
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So we're looking right here.
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Price right now is $38,319.
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In the last couple of
videos we've been saying
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that the price is gonna be ranging
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and it has between $30,000 and $40,000.
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We saw a couple of spikes below 30,
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which presented amazing
buying opportunities
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if you happen to have
orders on the exchanges
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to leverage those opportunities.
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But if you're like me, you're holding it,
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you're looking at the long-term picture,
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you're a longterm investor,
and you know, it pays out.
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So what happened?
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What happened was you
had an incredible amount
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of retail investors,
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which typically is
responding to sentiment.
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They're not looking at the on chain.
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They're not really analyzing
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what's really happening in Bitcoin.
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They're looking at sentiment,
they're reading news articles
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and they had a bearish view.
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So they go onto exchanges like Bybit,
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I'm gonna show you some
data from Bybit here,
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and they play short positions.
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What are the short position?
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It's the opposite of a
leveraged, long position.
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So in a leveraged, long position,
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as we saw back on May 19th,
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we saw a lot of traders that
were getting incredibly bullish
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about the performance,
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the short-term performance of Bitcoin,
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so they went on these exchanges
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and they took out an
incredible amount of risk.
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They took on loans so they
could buy more Bitcoin.
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The problem is, as that
as that price moves down,
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they have to sell that Bitcoin,
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which creates a cascading effect
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because once Bitcoin starts getting sold,
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the price moves down.
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As the price moves down,
more and more traders
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that are in those
leveraged, long positions
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start to get liquidated
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and that creates this cascading effect.
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So we saw the price move
from high 50s, low 60s,
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all the way down to $30,000, right?
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That was in May.
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Last night, it was the opposite.
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Instead of selling Bitcoin,
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they had to buy Bitcoin,
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in effect because they were liquidated
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and about $1.14 billion.
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That's an incredible amount
and this is just one exchange.
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This is Bybit, this is an exchange
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that a lot of retail investors use
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to take those kinds of leveraged
long and short positions,
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and they got completely wrecked.
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So we're up to $1.14 billion,
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probably gonna go up a little bit more.
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We'll see what happens.
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I'm sure there's other retail traders
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that are coming on right now
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that aren't so demoralized
taking short positions
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'cause they think the
price is gonna go down,
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but there's also an
incredible amount of interest
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that's still there.
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We're still in a bull
cycle as we've been saying.
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So we're gonna see what happens.
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If there's any indication
of what might happen,
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I'm gonna show you this, right?
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This is open interest.
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These are futures trades,
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and there's no real good indicator
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of where price is going to be,
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but if you can see what most traders
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that are playing the futures market
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believe the price is going to be,
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we can use that some
indication of sentiment.
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And we can see here that
most of the open interest
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is at the $40,000 Bitcoin price level.
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So I kind of see that
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as a kind of natural gravitational pull
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up to that price level.
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We need to, at this stage, get up past...
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So last night we got past
the 50 day moving average.
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That's the price of Bitcoin
over the past 50 days.
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That's this green line over here. Okay?
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So we can see that we busted
through that out last night.
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The next level is going to be the 100 day.
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That's this blue line here.
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That's sitting at a
little bit under 40,000,
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and then we're really in the clear
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once we get and above the
200 day moving average,
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which sits right now at around $52,000,
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I'm sorry, $42,500.
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And the last time we had
a situation like this,
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we can look at the performance
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so I'm going back here.
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This is April of 2019,
and you can see here,
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we had that incredible green candle.
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That was, at the time,
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about a $1,200 increase
in the price of Bitcoin
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in a single day and you
can see what that led to.
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It was just a complete
change in the market.
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Price ran up above $13,000.
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So it effectively tripled
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and if we have the same
event that happens here
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and we triple, that gets us up
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to nearly the $100,000 range,
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and what's gonna happen
when we hit $100,000?
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You're gonna start to
see an incredible amount
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of news, headlines, which is
gonna attract, you know, FOMO.
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We're already going to see FOMO.
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Once we get above the 200 moving average,
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we're going to see some FOMO
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because you've got two
types of people out there.
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You got bulls and bears.
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And the bears right now,
today, are in disbelief
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because they thought the
price was gonna go down
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below 30, maybe 20.
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You saw a lot of different
theories on social media
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about where the price is gonna go.
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It didn't end up panning out for them
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so they were in disbelief.
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If they're not sitting on the sidelines,
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they already bought in.
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If they are sitting on
the sidelines still,
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then as that price ticks up to 40, 42,
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you know, they're starting to get anxious.
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There's a lot of money that's
sitting on the exchanges.
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I don't have the stable coin chart here,
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but there's a lot of stable coins
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that are sitting on the exchanges
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that are waiting to go into Bitcoin
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and we're gonna see that price run up.
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And so if we get to 100,000,
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we got an incredible amount of FOMO,
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institutional FOMO, particularly.
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So one of the things
that happened last night,
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we knew that this was gonna happen
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because we saw that a lot of the Bitcoin
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was being taken off the
exchanges by long-term investors.
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It was moving from short term investors
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to long-term investors.
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We didn't know when this would happen.
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We didn't know that it
would happen last night,
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but we knew it was gonna
happen in the next...
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You know, at least...
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If you asked me yesterday morning,
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I would have said that it would happen
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in the next two weeks.
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And it happened last night. Unbelievable.
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And we're gonna continue to watch this,
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so follow me on Twitter.
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My handle is O-S-A-B-E-K.
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