via QuoteInspector.com

Short-sellers have started to scale back their positions against Bitcoin (BTC) on Bitfinex.

According to the latest data, total short interest on Bitfinex is currently at 21,917 BTC, or roughly $141,364,650, which stands at nearly 45% of recent highs.

Bitfinex BTC/USD Short Interest via TradingView

This drop in short interest corresponds with a recent increase in price. Since hitting a low of $6,250 at the beginning of November, Bitcoin has increased roughly 5% to $6,528. While it is currently unclear as to what’s driving the bullish price action, one hypothesis could be the pending decision by the SEC to approve or deny the Bitcoin (BTC) ETF proposals made by ProShares, GraniteShares and Direxion.

BTC/USD via TradingView

Moving forward, investors should keep an eye on the $6,800 resistance point, which was recently cited by Michael Novogratz as the key area to break through before heading to $8,800-$9,000.

Related: BTC Short Interest
Interesting: Gwyneth Paltrow’s Goop Publishes Bitcoin (BTC) Basics Article

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.