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CryptoQuant: Bitcoin derivatives market dominated by short positions, and the positioning index falls to -3.1

bitcoin news Market Analysis Derivatives Data

2026-04-03 07:57:45

BTC6.59%

Gate News report, April 3, CryptoQuant analyst Axel Adler Jr. posted that the Bitcoin derivatives market currently shows a bearish-dominant pattern. The Bitcoin Position Index’s 30-day simple moving average (SMA-30d) reached a local high of +3 when the price was $73,925 on March 17; afterward, it continued to decline to -3.1, reflecting the ongoing accumulation of short positions. In the same period, the price of Bitcoin fell from $74,883 to $66,603, with the SMA-30d trending down in tandem with the price. The liquidation oscillation indicator rebounded from 2.9% in mid-March and continued rising to 18.6%, indicating that longs are continuously facing strong forced liquidation pressure. The red histogram dominated by short liquidations has not appeared since October 2025. Bitcoin is down about 11% from its peak, and the current derivatives market structure shows no foundation to support a reversal. The analyst warned of the main downside risks: if liquidation pressure persists and the holding SMA-30d remains below the zero line, the bearish setup will become further entrenched, and the pressure for Bitcoin to break below $66,000 will intensify.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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