Bitcoin: Sub-9K Level Holds Based on Sentiment

Bitcoin: Sub-9K Level Holds Based on Sentiment

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Bitcoin Short Trades Fall by 7.6%

Bitcoin: Retail trader data shows 74.9% of traders are net-long with the ratio of traders long to short at 2.99 to 1. The number of traders net-long is 0.8% lower than yesterday and 3.1% lower from last week, while the number of traders net-short is 3.3% lower than yesterday and 7.6% lower from last week.

Bitcoin Trades with Bearish Bias

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Bitcoin-bearish contrarian trading bias.

— Written by Dylan Jusino, DailyFX Research

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