Long Bitcoin holdings indicate ordinary traders are trying to purchase a decline in price
Despite the recent downturn, Bitcoin retail traders are still positive.
According to statistics from Hyblock Capital, more than 70% of Binance accounts are net long.
Long Bitcoin holdings worth more than $18 million were sold off in the last day, despite BTC maintaining a price over $67,000.
Despite the pullback experienced on Tuesday, data on long and short positions reveals that retail traders are hopeful about a Bitcoin (BTC) price comeback. The biggest crypto asset by market capitalization remains above $67,000.
On the whole, retail Bitcoin traders are positive.
According to data compiled by Hyblock Capital, a majority of Binance's futures traders (70.25 percent) are net long on Bitcoin (BTC), indicating that they are mostly anticipating an asset surge.
Compared to Tuesday, when it was 57%, this indicates that retail traders are seeing the current fall as a chance to purchase Bitcoin at a price low.
Despite a 4% loss in value over the last week, Bitcoin is up over 1% on Wednesday, trading at around $67,900 on Binance.
Meanwhile, after the price adjustment, $18.85 million worth of Bitcoin long bets were liquidated in the previous 24 hours, according to data from crypto intelligence tracker Coinglass. Long liquidations are more substantial than short ones. Retail traders are still betting on Bitcoin's price growth, even if there has been a large-scale liquidation of long holdings.
The US Federal Reserve's Federal Open Market Committee (FOMC) meeting and the Consumer Price Index (CPI) data for May are two big US macro events that holders are preparing for, and Bitcoin is trading below $68,000 as a result. Especially for risky assets like cryptocurrency, the double-header can cause market movements.
