Bets Against Bitcoin's Price Are Nearing Record Highs

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The number of short orders placed on bitcoin is less than 3 percent away – or 1,146 orders – away from setting a new all-time high, according to data from cryptocurrency exchange Bitfinex. As of 16:00 UTC today, there are 39,524 short orders outstanding, marking its highest level in more than 4 months. Shorts have only been higher on one occasion: April 12, 2018, when the figure reached 40,719 orders.  Bitcoin shorts of this amount speaks volumes about the prevailing market sentiment being overwhelmingly bearish, given that investors continue to bet that the price of the cryptocurrency will sink further in the near term. There is cause to caution the bears, however. Since more than 16,000 shorts were opened at a bitcoin price below $6700 (Aug. 8th through today), a less than 5 percent increase in bitcoin’s current price of roughly $6,435 could cause a significant portion of the total