The post 63% Bitcoin traders bet on long positions: Will this take BTC beyond $60K? appeared on BitcoinEthereumNews.com.

Bitcoin has seen more long positions in the last few weeks. BTC has maintained the $60,000 price level in the last two days. Bitcoin [BTC] has experienced significant volatility in recent weeks, fluctuating but ultimately reclaiming the $60,000 level. Despite this turbulence, the majority of traders have maintained a bullish outlook, favoring long positions. However, recent data reveals that these long positions have faced some setbacks during this period. Bitcoin traders stay long Recent data analysis from Coinglass has shed light on the ratio of long to short Bitcoin positions on Binance, the world’s largest cryptocurrency exchange. The findings reveal that, over the past few weeks, the majority of accounts have maintained long positions, consistently surpassing 60%. As of the latest data, the percentage of long positions has risen to over 63%.  Source: Coinglass Since July, this trend has persisted, with long positions consistently outnumbering short positions, even as Bitcoin’s price dipped below the critical $60,000 mark. This suggested that traders remained confident in Bitcoin’s upward trajectory, regardless of its price fluctuations. Liquidation volume shows the extent of volatility AMBCrypto’s analysis of Bitcoin’s liquidation trend added an intriguing dimension to the dominance of long positions. Despite the majority of accounts maintaining long positions, recent weeks have seen a notable increase in long liquidations.  Source: Coinglass In August, long liquidation volume reached its highest level in over a year, exceeding $245 million. When combined with short liquidations, this trend becomes even more significant, highlighting the volatility and risk present in the current market despite the overall bullish sentiment among traders. Bitcoin maintains its $60,000 price level AMBCrypto’s look at Bitcoin’s price trend revealed that it has been struggling to consistently reclaim the $60,000 level, despite briefly doing so in recent days. In the previous trading session, it closed with a slight decline…

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Filed under: News - @ August 23, 2024 10:23 am