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Retail Traders Pile On Shorts, Is This The Bitcoin Bottom?

Retail Traders Pile On Shorts, Is This The Bitcoin Bottom?

Bitcoin has recently fallen below a $32,000 critical hold point and in response, retail investors have taken this as an opportunity to make money from the falling bitcoin price. So far, retail investors have started loading up on shorts, an incredibly bearish metric for the market.

chart showing shorts placed by retail investors

chart showing shorts placed by retail investors

Retail investors load up on shorts | Source: Twitter

So many shorts placed in such a short period of time might show other investors that the price of the digital asset will fall eventually and thus, lead to panic selling. Although this is never always the case. The fact remains that no one exactly can pinpoint what will happen with the digital asset and as such, every short or long being placed now are mere bets. More akin to guesses than actual predictions.

Related Reading | I Stand By My $100,000 Bitcoin Price Target, Anthony Scaramucci

According to this Twitter post, retail investors have been consistently short squeezing the digital asset as the market struggles to rebound. This might show that the digital asset now more than ever might be close to the famed bitcoin bottom.

Cascading Lows

Investors poured in their opinions on the longs being placed by retail investors. A user posted that this might lead to more of a cascading bottom that will be much greater than anything reversal.

Forecasts remain that the digital asset might break the $30,000 stronghold that it has held for weeks now. Speculations abound that this is the point institutional investors would up their investments and the bulls would come storming back in.

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BTC price amid bearish sentiment | Source: BTCUSD on TradingView.com

Bitcoin has dipped in the past 24 hours, down to almost $31,000, and made a small recovery back from this dip. But this is not enough to renew faith that a rebound would be more likely than a bottom.

If the digital asset breaks $30,000 before the week is over, then it might as well be very well in <a class="wpg-linkify wpg-tooltip" title="

Bear

Bear market is defined as a decreasing set of prices for various types of assets. A bearish investor wants to profit from the movement of dropping prices. You can think of a bear, swinging his big paw downward on the investment, crushing prices.

» Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear territory for bitcoin. Regardless, other investors believe this will spark a weekend relief rally.

The shorters hope to break the current bitcoin support but so far, bitcoin has held out. But there’s no telling how the rest of the weekend will play out.

Bullish Sentiment For Bitcoin?

Despite the continued fall of the price of the digital asset, bitcoin maximalists continue to remain steadfast in their resolve for bitcoin’s future. Exchanges have reported plummeting crypto reserves on their balance as investors take out coins from exchanges into hold wallets. Holders continue to stand by the <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin.

There are likely to be large accumulation events taking place if bitcoin does break the $30,000 support. Whales will use this opportunity to buy back the assets they had sold during the height of the market and retail investors alike will want a piece of that action.

Related Reading | Make It Rain Satoshis: Las Vegas Strip Club Starts Accepting Bitcoin Payments

Calling the bottom for the digital asset has been a debated topic for a while now. Forecasts hound the market of when the bitcoin bottom will be reached. But so far, bears seem to have a chokehold on the price as the asset has not been able to post any meaningful recovery in the past weeks. Just barely holding on to its current position on the charts.

At this time, BTC continues to aim for the $32,000 price point while bears drag the price down. The digital asset has shown strong rebound patterns so far as it now trades at a little over $31,900.

Featured image from The Balance, chart from TradingView.com

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Make It Rain Satoshis: Las Vegas Strip Club Starts Accepting Bitcoin Payments

Make It Rain Satoshis: Las Vegas Strip Club Starts Accepting Bitcoin Payments

Bitcoin is slowing but surely making its way into the heart of society as we know it. Earlier this week, a major entertainment center in the city of Las Vegas, which is known for its gambling and bustling nightlife, said it would start accepting Bitcoin payments for VIP bottle service online.

The payments would be carried out via a payment processor with which the club has partnered to make the Bitcoin payments easy and effortless.

Related Reading | Bloomberg Analyst Provides Blueprint Of Bitcoin Path To $100,000

Worthy of note is that the BTC payments are going to be carried out on the Bitcoin lightning network, a layer 2 payment protocol that enables involved parties to transfer their bitcoins to one another using their digital wallets with no fees. These types of transactions are also known as off-chain transactions.

Using on-chain transactions would be too slow and cost too much, as these transactions would need to be confirmed in real-time so the patrons can get the services they are paying for.

Privacy For “Gentlemen Callers”

The strip club which is called Crazy Horse 3 is a “gentlemen’s club.” Since society tends to frown upon entertainment like this, it is imperative for the strip club to protect the privacy of their patrons.

And hence, using BTC as a payment method will help to ensure the patrons can enjoy a night of adult fun without having to worry about the privacy of their payments.

With BTC, adult entertainment centers like Crazy Horse 3 can avoid the exorbitant fees charged to them by payment processors for being considered “high-risk” businesses. Bitcoin will enable the club to receive their payments directly without the need to involve a third party to confirm the transactions.

Bitcoin price chart from TradingView.com

Bitcoin price chart from TradingView.com

Price of BTC slums as the market remains in extreme fear | Source: BTCUSD on TradingView.com

The extra layer of security provided by the Bitcoin lightning network also ensures that the transactions are encrypted using the anonymous communication network provided by Tor known as onion routing.

According to Crazy Horse 3, this would also ensure out-of-town travelers do not have to worry about using their credit and debit cards in the club. As they would not be able to pay for the service using just BTC and not have it linked to their cards.

Further Bitcoin Payments Going Forward

Crazy Horse 3, which has won the “Best of Las Vegas” awards for “Best Bachelor Party” and “Best Gentlemen’s Club” every year since 2014, explained that while it only accepted bitcoin payments for VIP bottle service for the meantime, it plans to roll out other services for payment with BTC.

The rollout plans to accept crypto for admission into the club. Furthermore, patrons will be able to pay for food selections with their bitcoins, buy craft cocktails, and retail. Last but not least, the club plans to offer crypto payments for the club’s signature “dance dollars” which are value towards lap dances and also for tipping the entertainers in the club.

Related Reading | Crypto Isn’t Money, Annual Economic Report On Bitcoin

The club’s publicist, Lindsay Feldman, commented on the news partnership. Feldman explained that the club was doing this in a bid to providing modern-day guest experiences to its customers.

“Crazy Horse 3 is committed to innovating the modern-day guest experience and as leaders of the Las Vegas entertainment industry,” said Lindsay Feldman. “We are embracing the opportunity to accept Bitcoin as a way to deliver convenience, first-class hospitality, and an added level of anonymity for our guests.”

Bitcoin payments will be processed by Bitcoin payment processor OpenNode. The payment processor will provide the club’s customers with a fast, efficient, and easy way to make BTC payments while having a good time in the club.

Featured image from Dreamstime.com, chart from TradingView.com

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