Key Bitcoin price metric shows pro traders are nervous about $19K BTC
Bitcoin price is chasing after $19,000 but crypto exchanges’ long-to-short ratio shows top traders exercising caution at these levels. This week Bitcoin (BTC) price rallied to a new 3 year high at $18,965, leading investors to believe a new all-time high above $20,000 is on the cards. While these are exciting times, data does show that some professional investors feel antsy about the price at these levels and the absence of retail FOMO has some calling for a sharp pullback. Data shows Bitcoin hasn't seen a drop larger than 5% since Sept. 4 and over the past 77 days the digital asset has....
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Data shows pro traders increased leveraged long positions even as the Bitcoin price traded in a tight range this week. Bitcoin (BTC) might have been ranging from $57,000 to $59,500 over the last couple of days, but the top traders at major exchanges have increased their long positions. A similar move also happened in the monthly futures contracts, as the basis rate has increased.Bitcoin price at Coinbase, USD. Source: TradingViewAfter marking a $61,750 all-time high on March 13, Bitcoin has been trying to find new support levels. Although BTC initially held ground at $54,000, there....
On-chain data shows that Ethereum traders are capitulating following the slowdown of the rally, something that may turn out to be positive. Ethereum Traders Are Selling At A Loss Right Now According to data from the on-chain analytics firm Santiment, ETH investors are getting increasingly frustrated as they are now participating in significant loss-taking. The relevant indicator here is the “ratio of daily on-chain transaction volume in profit to loss,” which, as its name already implies, compares the profit-taking volume to the loss-taking volume for any given cryptocurrency.....
As Bitcoin rallies past $57k, Quant explains using on-chain analysis why the cryptocurrency may see a pullback here. Bitcoin Funding Rate And Futures Open Interest Show Rising Values As explained by an analyst in a CryptoQuant post, some BTC indicators are showing values that have historically signaled that a correction could be coming soon. The first metric of relevance is the Bitcoin funding rate, which is defined as the periodic payment that futures contract traders have to pay. Positive values imply most traders are bullish and long traders are paying this fee to short traders. While....
On-chain data shows the Bitcoin funding rate is still at a relatively high positive value, suggesting that the crypto might see more decline in the near term. Bitcoin Funding Rate Has Been At A Positive Value During The Last Few Days As pointed out by an analyst in a CryptoQuant post, the current funding rate suggests that the price is in a new decline right now. The “funding rate” is an indicator that measures the periodic fee that traders in the Bitcoin futures market have to pay each other. When the value of this metric is above zero, it means long traders are currently....
Bitcoin Price continues a slow jagged ascent as resistance above price prevents deliberate advance. Duality in the market does not help, and the Bulls and Bears are at loggerheads. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Bitcoin Price Analysis. Time of analysis: 13h54 UTC. Bitfinex 1-Hour Chart. From xt.social analysis, earlier today: The theme of this wave up is "uncertainty". Watching the trade feeds from various exchanges shows nervous selling every few minutes. It is uncertain where these traders have bought in from because we have made....