Bitcoin
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Bitcoin Climbs as Traders Reduce Longs

DailyFX.com -

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

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

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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