Bitcoin Leveraged Traders Are Back Betting On A Price Decline — What This Means
Summary
Bitcoin's price has recovered, surpassing $105,000 on June 7, following bearish sentiment from the feud between Donald Trump and Elon Musk. On-chain data indicates a continued upward trend for Bitcoin. Data analytics firm Alphractal reports a shift in market sentiment, with increased interest in short positions among leveraged traders, suggesting a bearish outlook. Historically, when many traders bet against Bitcoin, the price tends to rise instead. This pattern appears to be occurring now, with Bitcoin bouncing back despite negative sentiment. Currently, Bitcoin is valued at approximately $105,700, reflecting a nearly 2% increase in the last 24 hours and over 1% growth weekly.
