Bitcoin Headed Below 7800 Level with Bearish Sentiment

74% of Traders Are Long on Bitcoin

Bitcoin: Retail trader data shows 74.4% of traders are net-long with the ratio of traders long to short at 2.9 to 1. The number of traders net-long is 3.9% lower than yesterday and 4.5% lower from last week, while the number of traders net-short is 2.9% lower than yesterday and 7.7% lower from last week.

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Bitcoin Bearish Bias Holds

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