This data shows us $BTC futures positioning. Net long accounts divided by net short accounts. It is a good overall sentiment indicator, and the sentiment is still very much net long.
💡 BTC/USDT 1D Coinalyze Aggregated Long / Short Ratio
If you look back to when we pumped from 25k in mid to late October 2023, sentiment had reset to 1:1 long versus short. Again, when we consolidated in the low 40k’s, sentiment reset just after we pumped. This says to me sentiment had been crushed. Longs closed early, and the ratio went back to 1. Nobody believed much higher prices were coming.
🔥 𝐁𝐢𝐭𝐜𝐨𝐢𝐧 𝐃𝐚𝐢𝐥𝐲 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 🔥
Bitcoin has broken out of the ascending triangle pattern with significant volume, indicating potential bullish momentum. The Ichimoku cloud is providing support, further highlighting the bullish strength.
A successful retest above the triangle would confirm this bullish trend. However, if the retest fails, we may see further price movement within the confines of the triangle.
🔼 Data Credit - Blockmates & Crypto Express
🅃🄴🄲🄷🄰🄽🄳🅃🄸🄿🅂123