Since Thursday’s jolt in bitcoin prices, the cryptocurrency has traded in a tight range close to the $7,500 level.
Daily trading on Coinbase for the past six months Source: TradingViewThursday’s jump in bitcoin price, briefly as high as $7,800 on some spot exchanges, hurt short sellers in the crypto derivatives market.
Those trades betting on crypto prices going downward have not returned to derivatives exchanges like BitMEX, said Vishal Shah, an options trader and founder of exchange platform Alpha5.
As short sellers were wiped out on BitMEX Thursday during the bitcoin price spike, open interest dropped and it hasn’t recovered.
“It feels pretty firm, with the next battle trench likely in the $7,850 – $8,000 region.”Inflows are needed to push crypto prices higher.

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