Evidence of this reality was on full display on July 19 after the recovery of Bitcoin (BTC) back above $23,000 was met with widespread warnings that the move was merely a fakeout before the market heads for new lows. Proof that crypto traders had been lulled into an overly bearish outlook was provided by cryptocurrency analyst Dylan LeClair, who posted the following chart showing the effect that Bitcoin’s move above $23,000 had on the futures traders. As highlighted on the chart, there was a large amount of Bitcoin short positions opened between June 15 and July 15 and these traders now find themselves on the losing side of the trade. LeClair said, “Tens of thousands worth of BTC short open interest currently underwater.” While Bitcoin reversing course and heading lower once again remains a possibility, the current momentum suggests further upside in the short term.