A current downside correction in the Bitcoin market has done little to offset its long-term bullish predisposition, indicates Robbie Liu.
The OKEx financial investment analyst noted a flurry of trading information readings that showed the cryptocurrency facing restricted disadvantage dangers. He noted that the recently’s “& ldquo; Musk rally & rdquo; of more than$6,000 helped the bullish belief recuperate, including that closing above the run-up’s peak might trigger BTC/USD to challenge $40,000—– or perhaps recover $42,000.
“& ldquo; The long/short ratio had little ups and downs during the week, hovering in a series of 1.07 to 1.53, and although prices kept moving higher, the ratio did not return to last Friday’s high of 1.80,” & rdquo; explained Mr. Liu, including that the ratio now is running near 1.20.
In retrospection, the long/short ratio compares the overall number of users opening long positions versus those opening brief positions. When the ratio is low, it shows that more traders hold short positions, i.e., wagering in favor of a rate fall.