Pro traders avoid Bitcoin longs while cautiously watching DXY strengthen

Pro traders avoid Bitcoin longs while cautiously watching DXY strengthen

Large corporations are buying Bitcoin at an accelerating pace, but pro traders are reluctant to open BTC longs while the dollar index strengthens. Bitcoin (BTC) price might have re-established $50,000 as a support, but the optimism of professional traders is nowhere near the levels seen before the 26% drop to $43,000 on Feb. 28. The current scenario is far from bearish, but derivatives indicators do not reflect the substantial purchases from institutional clients, including Microstrategy, Meitu, and most recently, Aker ASA, a Norweigian oil conglomerate.Bitcoin price, USD. Source:....


Related News

Markets Weekly: Slow Week for Bitcoin Price as 'Grexit' Looms

The bitcoin price stayed relatively flat over the last week, trading around the $225 mark. The digital currency opened on 2nd February at $226.40 and closed seven days later at $222.87, showing a loss of 1.56% over the period, according to the CoinDesk Bitcoin Price Index. Price movement appeared to be muted in the absence of major announcements or events. The first days of the week showed the most action. On 2nd February, the price climbed $16 to hit a high of $242. This was followed by the week's biggest intra-day swing the following day, when the price plunged $22 from a high of....

Record $7.9B Bitcoin futures open interest shows bears are watching BTC price

Bitcoin price may have broken above $20,000 but the 40% decrease in volume shows bears are watching BTC closely. Today Bitcoin (BTC) price blasted through the $20,000 level and in the process, a record $7.9 billion in futures open interest was set. Although the price increased by 74% over the past two months, the total accumulated short-seller liquidations amounted to $4.3 billion, which is lower than the $4.8 billion from longs.BTC futures aggregate open interest. Source: Bybt.comAs shown in the chart above, the futures aggregate open interest increased by 90% over the past two months.....

Key Bitcoin price metric shows pro traders increased their BTC longs

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....

Pro traders added to shorts as Bitcoin price broke $12K, data shows

Bitcoin derivatives favor bulls but data shows top traders added to their short positions as BTC rallied above $12K. As Bitcoin (BTC) breaks the $12,000 resistance, derivatives markets are flirting with overly excessive bullish sentiment. The futures basis and the options 25% delta skew both reached the same levels seen now on October 12 when BTC briefly tested $11,700 but failed to maintain momentum.What differentiates the current situation from nine days ago is the positions of top crypto traders. On Oct. 12, these traders increased their longs, but during the recent move to $12,000....

Traders discuss what’s next for Bitcoin after abrupt 3% overnight drop

Traders are mixed after the price of Bitcoin sees a sudden pullback from $10,950 to $10,630 overnight. The price of Bitcoin (BTC) abruptly dropped on Sep. 29 from $10,950 to $10,630 overnight, recording a 3% drop. Following the rejection at $11,000, the sentiment of traders remains mixed.Some are cautiously optimistic under the premise that BTC reclaims the $10,700 level. Technically, analysts say that the $10.7k area is a critical pivotal price point for Bitcoin in the near term.Others say that the price trend of BTC has reversed in the short term after its rejection. The intense reaction....