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Trading Bias Suggests Bitcoin Has More Room to Rally

Trading Bias Suggests Bitcoin Has More Room to Rally

Dylan Jusino,
Trading Bias Suggests Bitcoin Has More Room to Rally

Why and how do we use IG Client Sentiment in trading? See our guide and real-time data.

Bitcoin: Retail trader data shows 65.6% of traders are net-long with the ratio of traders long to short at 1.91 to 1. The number of traders net-long is 12.6% lower than yesterday and 1.8% higher from last week, while the number of traders net-short is 2.2% higher than yesterday and 60.1% 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. 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 Dylan Jusino, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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