What made so many people short Bitcoin today? Dump incoming?

in #bitcoin5 years ago

I just looked through my favorite charts on TradingView when I discovered the following sheet for BTC Shorts on Bitfinex. It has been really quiet lately, but then today, it just got a big red line telling us that a lot of people suddenly started to short Bitcoin. Take a look at this yourself...

shorting.jpg

At the same time, there was a growing amount of longs as well, but not at all as many as the amount of shorts. What does that mean? Are there some people who are planning to cause a giant dump in the Bitcoin price, or did people suddenly get cold feet as the BTC prices started to decrease today and now they believe it will fall further in price?

longs.jpg

What do you make out of these charts? Would you care about them at all? I would love to hear your thoughts. Also, it might be that I actually misunderstand the actual way of understanding the longs and shorts charts, but I do believe I have actually understood them correctly. No matter what, I would love to hear your thoughts!

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