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As Bitcoin Trades Tight, Metric Shows Pro Traders Increased Their Longs

For a few days now, BTC has continued to swing between $57,000 and $59,000. As Bitcoin continues to reject a $60,000 resistance level, it appears top traders at major Bitcoin exchanges have increased their long positions.

After the pioneer cryptocurrency hit a new all-time high near $62,000 on March 13, Bitcoin has been falling to new support levels. The coin had held firm at $54,000. But currently, there is decent buying activity around $57,000.

Professional traders are showing substantial optimism as their interest seems to be picking up as the coin price goes up.

Bitcoin price at Coinbase

The top traders’ long-to-short indicator is calculated using clients’ consolidated positions, including spot, margin, perpetual and futures contracts.

BTC LONG on exchanges

As it stands, OKEx traders bought the dip on March 15, moving to a 1.35 ratio favoring longs. This is the highest level seen in 2 weeks.

Huobi top traders increased their 0.80 ratio to 0.90. Keep in mind that doesn’t necessarily indicate those traders are bearish since a 10% net short position has been their average over the past 30 days.

However, Binance traders reduced their longs when the market dipped on March 15. But they have since kept their 1.21 ratio which favor longs by 21%.

It is clear that arbitrage desks and whales increased their longs throughout the $500 million liquidation that occured on March 15.

On-chain metrics shows Bitcoin is at risk

At 18:20 GMT, Bitcoin is trading at $58,441, a gain of 0.49% in the last 24 hours. It seems that on-chain network activity tool, Bitcoin NVT, or Network Value to Transactions, a tool used to show past network action useful at forecasting price, is showing that the coin may be experiencing trend changes.

According to analysis from CryptoQuant, the NVT Golden Cross indicator has reached a three-year high at a reading of over 4. “Values above 2.2. indicate downside risk goes up,” the report reveals. At over 4, risk is off the charts in Bitcoin, but so has been the bullish momentum.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© IbrahimAnifowoshe for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin, Technical Analysis

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