Although the leading cryptocurrency Bitcoin (BTC) attempted to break above $60,000 levels over the weekend, it faced a strong rejection from there.

BTC experienced a significant decline from the $60,000 levels and dropped to $58,000 levels.

While there is uncertainty about the reason for this decline, cryptocurrency investor HODL15Capital claimed that increasing short positions were behind this decline.

Posting from his account X, HODL15Capital noted that as soon as the Bitcoin price rose to $60,000, Bitcoin shorts experienced an aggressive increase across multiple exchanges.

At this point, HODL15Capital said there is a massive imbalance across multiple different crypto exchanges, including Deribit, Bitmex, Bitfinex, Kraken, and HTX.

Pointing out that Ethereum short positions have also increased apart from Bitcoin, HODL15Capital stated that high leveraged short positions of 50x and 100x on Binance may soon be liquidated, indicating a potential market change.

“Bitcoin shorts have become quite aggressive across many exchanges.

What’s going on?

I predict all 50x and 100x leveraged shorts on Binance will be deleted soon… See you guys…”

HODL15Capital claims that according to the data, short positions in Bitcoin may soon be deleted, indicating a possible rise in Bitcoin and market change.

My guess is all those 50x and 100x leveraged shorts on Binance will be wiped out soon We see you lads ‍♂️ pic.twitter.com/MKuvUvGZJC

— HODL15Capital (@HODL15Capital) August 19, 2024

*This is not investment advice.