Rosenblum Says More Traders Are Entering Bitcoin Shorts Near Channel Floor

GSR co-founder Rich Rosenblum says Bitcoin (BTC) is nearing a long-term trend channel’s lower boundary after a break below its 200-day moving average triggered leveraged long liquidations and drew additional traders into short positions. Bitcoin has fallen about 25% since Oct. 21. U.S. spot Bitcoin ETFs recorded nearly $3 billion in net outflows from Oct. 30 through Nov. 13. Higher interest-rate expectations, risk aversion tied to the artificial intelligence sector and a recent hacking incident at Binance have added pressure to the market.