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Sentiment Suggests Bitcoin May Struggle to Gain Solid Footing

Sentiment Suggests Bitcoin May Struggle to Gain Solid Footing

Dylan Jusino,
Sentiment Suggests Bitcoin May Struggle to Gain Solid Footing

New to Bitcoin? Be sure to check out our new Bitcoin Trading Guide!

Bitcoin: Retail trader data shows 71.1% of traders are net-long with the ratio of traders long to short at 2.46 to 1. The number of traders net-long is 1.1% lower than yesterday and 1.0% lower from last week, while the number of traders net-short is 2.0% higher than yesterday and 13.8% lower 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 less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Bitcoin trading bias.

--- 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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