Building BTC short position to 90k zone
2024-11-22

The news around Bitcoin (BTC) has been overly positive, especially with China's recent move to legalize ownership, which has been supporting the price. Additionally, Trump’s election victory has provided another boost to Bitcoin's momentum. The Bitcoin ETF has reached an all-time high in Assets Under Management (AUM) at $86 billion, further driving prices higher as it brings more volume and encourages retail investors to re-enter the market.

However, I’m noticing key bearish signals. The aggregated order book liquidity delta has turned red since Bitcoin reached $90,000, and the selling pressure has been increasing. Open interest is at an all-time high, which, in my view, is a strong indicator to take a short position. The RSI is also signaling bearish momentum, though there is potential for a fake breakout around the $103,000 level.

My plan is to increase my short position as the price begins to decline, capitalizing on what I believe to be a temporary and unsustainable rally.