DOT Coin has seen an increase in value as Bitcoin bounces back from its resistance point. In the past 24 hours, there has been a approximately 6% increase in futures trading positions, with the total value of open positions reaching $217 million. 34% of these positions were opened on Bybit, while 33.5% were opened on Binance. Along with today’s rise, there was a $300,000 liquidation, surpassing the short position closing event on November 16.
DOT Coin investors, who did not experience significant liquidation in futures trading for 8 days, are now enjoying the rise after the liquidation of short positions in the spot market. While the price of Bitcoin is falling, the popular altcoin is experiencing faster losses, and traders see this as an opportunity, but they seem to face an unexpected situation.
The price of Bitcoin fell to $37,500 today but did not lose the critical level. DOT Coin price has been fluctuating between support and resistance for the past three weeks. Short-term investors see the tight range as an opportunity, and the influence of algorithmic trading bots is contributing to the increase in such structures.
DOT Coin has achieved gains of up to 5% by closing above $5.6 on a weekly basis and needs to enter the rising range between $5.83 and $7. If it fails to do so, it will not be able to break free from the tight range it has been in since April.
In the first quarter of this year, it experienced a deceptive price increase through advertisements, being promoted as the only altcoin to escape the wrath of the SEC, and then started establishing new lows. DOT Coin’s price has not yet fully returned to the desired level, and the price, which has been ranging between $7.25 and $4 since September, will not be able to target the all-time high of $55 without surpassing $8.7.