BTC Approaches Bottom as 1% of Hourly Market Orders Are Sells

Ki Young Ju, the founder and CEO of CryptoQuant, stated in a Tweet on June 15 that people kept on creating short positions against Bitcoin (BTC) in late 2020. They then got liquidated in the $10k-$20k range, followed by a parabolic bull run shortly after.

Back then, 10% of the hourly buy market orders were from short liquidations. Now, the figure stands at 1%, according to data released from CryptoQuant.

Ki Young Ju clarified that his claim does not necessarily mean that a parabolic bull run is about to start, but it does, however, suggest that BTC is very close to its bottom. Investors should now be patient and wait until the short squeeze event happens. The short squeeze could persist for a few months or even years before the next parabolic bull run, but only time will tell.

According to CoinMarketCap, Bitcoin trades at $20,817.82 after a 4.16% increase in price over the last 24 hours and after reaching a high of $20,829.49 over the same period. Although BTC is up over the last day, the crypto is currently in the red by 4.62% over the last seven days. Currently, BTC is worth around 17.18 ETH.

When looking at its market cap, BTC currently has $397,437,259,781. BTC’s trading volume is up by 5.41% to reach $37,683,596,184. The current supply in circulation for BTC now stands at about 19,094,018.00BTC.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.