News
Three out of four Bitcoin traders are bullish on BTC
Bitcoin (Bitcoin) traders on the cryptocurrency exchange Binance they showed a bullish prejudice, with 75% of positions open 24 hours a day longThis suggests positive sentiment from retail traders, but volume remains neutral with a balanced long/short ratio.
Finbold recovered data from CoinGlass on June 30, showing the imbalance between unique account traders going long on Bitcoin. Specifically, three out of four accounts open derivatives positions have become long, betting that the price will rise from here on.
This report is for the last 24 hours for BTC/USDT perpetual contracts on Binance. Notably, this is, by a wide margin, the most traded pair in the market cryptocurrency market. Binance holds over 50% of the global Bitcoin volume, while the U.S. dollar earns more than $1 trillion a day.
Binance BTCUSDT Lon/Short (Accounts)
Follow the money: Overall volume remains neutral
On the other hand, the overall trading volume on Bitcoin derivatives across all markets remains neutral and slightly bullish. 51.54% of the trading volume used to open positions in the last 24 hours is long BTC.
The divergence between the number of accounts and USD volume suggests that longs are mostly held by retail traders. Usually, this class of investors acts through emotions, making motivated decisions FOMO OR FUD and becoming a target for whales that can move the market up or down, liquidating retail traders to profit.
Bitcoin Bearish and Bullish Contexts
As reported by Finbold, Bitcoin is going through a rough patch sell-offs by German governments and the United States. Furthermore, Mt.Gox Announces Redemption of Over $8 Billion in BTCawaited for over a decade.
In this context, Bitcoin miners have begun to capitulate with record-high reserves and hashrates. Meanwhile, longtime advocates like Peter Thiel have done so they have lost belief in the fundamental value proposition of cryptocurrency.
However, BTC price remains within a four-month range, testing support at $60,000, and currently trading at $61,500. Cryptocurrency trader and investors continue to predict a bright future for Bitcoin, with projections ranging from $80,000 to $500,000 despite fundamental challenges.
BlackRock (NYSE: BLK) and more Spot Bitcoin ETFs broadcasters continue to push the first cryptocurrency among the traditional finance investors, which should generate demand in the medium term. Wall Street has been selling off in considerable amounts recentlybut the ETFs still show positive monthly capital flows, indicating a bullish bias.
However, anything can happen when trading volatile assets like cryptocurrencies. Speculators need to be cautious while gaining too much exposure through leverage and understand the inherent risks of these trades.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When you invest, your capital is at risk.