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Bitcoin: 81.7% of Traders Are Net-Long

Bitcoin: 81.7% of Traders Are Net-Long

Nancy Pakbaz, CFA, Markets Writer
Bitcoin

TRADERS REMAIN NET-LONG

Bitcoin: Retail trader data shows 81.7% of traders are net-long with the ratio of traders long to short at 4.46 to 1. The number of traders net-long is 3.2% lower than yesterday and 3.7% lower from last week, while the number of traders net-short is 1.8% lower than yesterday and 15.6% lower from last week.

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

BITCOIN PRICE TREND MAY SOON REVERSE

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 Nancy Pakbaz, CFA, DailyFX Research

Follow Nancy on Twitter @NancyPakbazFX

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

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