63% Bitcoin traders stay on long positions
In the last couple of weeks, Bitcoin has witnessed substantial price swings, oscillating but ultimately securing its stance above the $60,000 threshold.
Amid these fluctuations, the broader sentiment among investors has remained optimistic, with a preference toward initiating or maintaining long investments. Despite this confidence, recent insights indicate that these bullish positions have encountered challenges during this time.
An analysis by Coinglass, focusing on the long versus short Bitcoin investment ratios on Binance - the globe's premier cryptocurrency trading platform - has offered revealing insights.
This analysis highlights that, over recent weeks, a predominant share of investors has leaned towards long investments, consistently exceeding the 60% mark. The most current data shows an ascendancy in long investments, now accounting for over 63%.
This trend of favoring long over short positions has been uninterrupted since July, prevailing even as Bitcoin's valuation momentarily waned below the pivotal $60,000 figure.
Such a pattern underlines the enduring confidence among investors in Bitcoin's potential for price appreciation, regardless of its momentary valuation shifts.
Despite the dominance of long positions, recent times have seen a pronounced surge in the liquidation of these positions.
August witnessed the culmination of long position liquidations, surpassing the $245 million mark, the highest in more than a year.
This phenomenon, when viewed alongside short position liquidations, further accentuates the unpredictable nature and inherent risks of the contemporary market, notwithstanding the generally optimistic trading sentiment.
Bitcoin challenges in consistently surpassing the $60,000 threshold, although it has managed this feat momentarily in recent times.
In its last trading session, it recorded a modest decrement of over 1% but remained within the $60,000 ambit.
At the time of reporting, BTC was valued at roughly $60,900, marking an almost 1% uptick. The premier cryptocurrency, Bitcoin, lingered just below its short-term moving average, edging towards it gradually.
Surpassing this moving average, correlating with a resistance level near $61,000, could hint at a potential climb.
