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Short Sellers Feasting on Bitcoin's Near 40% Plunge
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investopedia.comBitcoin, already down near 40% off its 2019 highs as traders load up on short positions, risks plunging even further after breaking through a key technical level this week of $8,000 per coin. If it sustains its fall below that level, technical analysts say the world’s largest cryptocurrency by market cap is at risk of testing its 200-day moving average of roughly $7,311. Bitcoin’s 50-day moving average also pierced the 100-day moving average, according to a detailed Bloomberg report, indicating a weak technical outlook for the digital coin.
As of Thursday evening, Bitcoin was trading back around $8,100 per coin.
“We’re hearing that the broad-based selling is being driven more by market makers and those that are short pushing the market
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