Bitcoin

BITCOIN TRADERS REDUCE NET-SHORT POSITIONS

Bitcoin: Retail trader data shows 76.6% of traders are net-long with the ratio of traders long to short at 3.28 to 1. The number of traders net-long is 4.4% lower than yesterday and 5.8% lower from last week, while the number of traders net-short is 7.3% lower than yesterday and 4.9% lower from last week.

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Bitcoin Shifts to Mixed 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.

--- Written by Yayati Tanwar, DailyFX Research