Traders on Binance are taking advantage of the opportunity to buy Bitcoin as the price drops. Recent data shows that almost 70% of such traders buy BTC, demonstrating a very bullish attitude among elite traders on the platform.

As of August 1, 2024, 69.3% of accounts had Long positions and 30.7% had Short positions, according to Binance order allocation. This figure shows a Long/Short ratio of 2.26. The significant support for long positions implies that the best traders see Bitcoin's current decline as a temporary setback and anticipate a rebound.

Through chart analysis, Bitcoin price has dropped to the 100 EMA, which is currently acting as important support at $63,000. In the past, the 100 EMA has been important support during downtrends. If Bitcoin manages to maintain its current support level, it could establish a solid foundation for a future upswing. However, there are still warning signs.

BTC price chart | Source: TradingView 

Volume is decreasing, indicating weakening momentum. Lower trading volume signals less price volatility. Thus, if buying interest does not increase, the recent decline could continue. Additionally, the Relative Strength Index (RSI) is centered around the 50 level, which is neutral.

As such, there is some uncertainty about the direction of the market and Bitcoin is neither overbought nor oversold. This price level is confirmed as an important point to watch as the EMAs converge at the $63,000 mark. The main tendency of top traders to hold Long positions on Binance shows that they are betting on the possibility of a price recovery.

Their confidence may stem from past performance, which has seen Bitcoin regularly rally after reaching key support levels. This pattern indicates that Bitcoin's upward trajectory will soon emerge, confirming bullish sentiment.

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