Shorts are starting to close, signalling market could be getting less bearish in the short term.

I know this isn't a link to an article so it's not as cool but, let's chat.

For the first time since June 9th where short positions climbed to a record high at a price of about $36,200, short positions are starting to trend downard. 1.7% have closed in the last 12 hours or so and it continues to tick downward. It's important to note that over the last week and a half the shorts continued to surge to new all time highs, so this dip in total shorts may just be people cashing in from shorting prices above 40k.

However I think it's worth noting that for 9-10 days the market has been pushing against a rebound harder and harder, and for the first time we are starting see people reverse direction, even if it's a tiny amount.

The true number to watch will be the 18,500 mark on datamish.com. If we see this trend continue, then that point could signal a complete reversal in this crab market.

The "next" mark will be the 22,500 line, that will signal that all the short positions above 40k have closed, which means a good reversal is likely.

Not financial advice, don't sell your house.

-edit-

As of the writing of this, the number is now -1.9%

And now it's -3.7%

And now it's -7.6%

-11.5%