Retail trader data shows 80.4% of traders are net-long with the ratio of traders long to short at 4.11 to 1. The number of traders net-long is 2.7% lower than yesterday and 0.3% lower from last week, while the number of traders net-short is 4.4% lower than yesterday and 2.2% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Bitcoin trading bias.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Bitcoin trading bias.