The post Bitcoin traders are unmoved by BTC’s fall below 27k – Why? appeared on BitcoinEthereumNews.com.

Long positions outweighed shorts despite BTC’s fall below $27,000. An increase in buying pressure alongside increasing volatility could be vital to the recovery. Bitcoin’s [BTC] drop to $26,794 is normally supposed to spread fear about another decline since the king coin was able to hold on to $27,000 for a number of days. However, traders are unperturbed by the decline and are doubling down on long BTC positions. Read Bitcoin’s [BTC] Price Prediction 2023-2024 Unmoved by the decline Pseudonymous analyst and trader Ali Charts made mention of this unprecedented circumstance on 11 October. Using the Bitcoin long/short ratio indicator, Ali revealed that 65.33% of the positions in the market were long. As #Bitcoin dips below $27,000, more than 65% of all accounts on #Binance with an open $BTC futures position are going long! pic.twitter.com/LVmNnu9ea5 — Ali (@ali_charts) October 11, 2023 This disparity ensured that the long/short ratio jumped to 1.88. Typically, a value below 1 for the indicator implies that there are more short positions. So, the value of 1.88 suggests that traders’ sentiment is largely bullish, with the average expectation being a notable recovery for BTC in the short term. But on the same day, BTC long liquidations were higher than shorts. According to Coinglass, $14.57 million in long positions were wiped out from the market on 11 October. At the time of writing, shorts were feeling the heat. So, it is likely that traders did not expect the recovery to be quick, and could probably take some days. Source: Coinglass Buyers have the edge Meanwhile, the four-hour BTC/USD chart showed that there was a clear contest between bulls and bears regarding control of the market. However, the Accumulation/Distribution (A/D) line grew to 3.275 million. The A/D gauges the demand and supply of an asset. In general, a rising…

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Filed under: News - @ October 13, 2023 3:20 am