Majority of Bitcoin Traders Remain Net-Long
Bitcoin: Retail trader data shows 82.9% of traders are net-long with the ratio of traders long to short at 4.85 to 1. The number of traders net-long is 1.5% lower than yesterday and 2.6% lower from last week, while the number of traders net-short is 1.4% lower than yesterday and 0.9% lower from last week.
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Bitcoin Shifts to Bullish Bias
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Bitcoin price trend may soon reverse higher despite the fact traders remain net-long.
— Written by Abdullah AlAmoudi, DailyFX Research