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73% of Traders Are Net-Long, Yet Bitcoin Sentiment Gives Mixed Signal

73% of Traders Are Net-Long, Yet Bitcoin Sentiment Gives Mixed Signal

Dylan Jusino,
73% of Traders Are Net-Long, Yet Bitcoin Sentiment Gives Mixed Signal

Be sure to check out our Bitcoin Trading Guide if you're new to cryptocurrencies!

Bitcoin: Retail trader data shows 73.4% of traders are net-long with the ratio of traders long to short at 2.76 to 1. The number of traders net-long is 2.5% higher than yesterday and 19.2% higher from last week, while the number of traders net-short is 4.2% higher than yesterday and 4.4% 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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