Bitcoin Likely to Remain Above 6200 Based on Sentiment

MAJORITY OF BITCOIN TRADERS REMAIN NET-LONG

Bitcoin: Retail trader data shows 78.7% of traders are net-long with the ratio of traders long to short at 3.7 to 1. The number of traders net-long is 0.1% higher than yesterday and 1.4% lower from last week, while the number of traders net-short is 1.7% higher than yesterday and 1.3% lower from last week.

SENTIMENT SUGGESTS BITCOIN MAY REVERSE HIGHER

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoinprices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Bitcoin price trend may soon reverse higher despite the fact traders remain net-long